ARK and Securitize launch tokenized venture fund on Ethereum
In brief
- ARK Invest and Securitize launch tokenized ARKVX interests on Ethereum starting September 24.
- Quarterly buybacks capped at 5% of shares at net asset value, next deadline September 30, 2026.
- No secondary market available; only approved wallets can hold tokenized shares.
- Tokenized class shares the fund's buyback pool with all other share classes.
Tokenization Without Secondary Liquidity
Securitize will handle the on-chain issuance and investor experience. Only approved wallets can hold the tokenized shares, and ARK stated it did not expect a robust trading market at the outset. The shares are unlisted and no secondary market is expected, according to ARK and Securitize's launch disclosure.
A September 21 SEC order gives ARK permission to offer a tokenized share class that may trade on alternative trading systems or appear on other quotation services. That regulatory green light, however, doesn't mean a venue will materialize. The announcement contains no timeline or commitment to open secondary trading.
The Buyback Reality
The ARK Venture Fund offers to buy back up to 5% of its outstanding shares at net asset value each quarter. ARK's 2026 calendar sets September 30 as the next repurchase request deadline. But here's the catch: repurchase offers are allocated across the entire fund, so the tokenized class has no separate buyback pool.
That means tokenized shareholders compete with traditional shareholders for the same 5% quarterly window. It's a structure designed to preserve the interval fund's core mechanics—limited liquidity at set intervals, not continuous trading. Blockchain infrastructure doesn't change the fund's legal constraints or its gating mechanisms.
"For an investor considering ARKVX now, the key question is whether a place to sell tokenized shares actually opens and attracts buyers."
The tokenized offering positions ARK as an early mover in on-chain fund infrastructure. Yet investors still face the fund's limited exit options when trying to sell their shares. Putting an interval fund on Ethereum is a technical milestone; it's not a liquidity revolution.
