Ark Invest, Inc. (ARK), the online-only investment platform offering blockchain-based assets, has purchased the investment firm Arkinvest Holdings Inc., a new investment firm announced Tuesday.
Ark Invest, based in San Francisco, said in a statement that the purchase was an important step toward the diversification of Ark Invest’s portfolio, with the company adding Ark Investments to its portfolio as part of a broader diversification strategy.
Ark Investments CEO Mike Cernovich said in an email to The Verge that the company is committed to “building the greatest portfolio of blockchain assets available on the planet.”
The investment firm, founded in 2013 by Cernostovich, has raised $5 million from investors including Fidelity, BMO Capital, Andreessen Horowitz, Digital Currency Group, and Lightspeed Venture Partners.
The acquisition is one of a number of significant deals Ark has made since its founding.
Last month, it acquired the digital currency exchange Gemini, a startup that was founded in 2017.
Cernovich has also said Ark Invest is currently pursuing a number other blockchain-related investments, including an investment in a new digital currency trading platform.
The firm said in its statement that it plans to work with the Ark investment firm to “build the largest portfolio of distributed ledger assets available.”