ARKVX venture fund first offered OpenAI; now added to ARKK, ARKW, ARKF ETFs. ARK serves as a bridge from private to public markets, focusing exclusively on technologically enabled innovation.

We can hold up to 15% in illiquid stocks in ETFs; we're at roughly 3% in these three funds.

We're in a technology revolution; AI is the biggest catalyst for innovation in history.

OpenAI wanted to partner with ARK to help democratization. Clients asked why they didn't have access to these opportunities previously limited to accredited investors.

Accredited investors needed $1M net worth or $250K income; that seemed un-American.

Technology historically is a net job creator, but entry-level jobs are slowing. There will be an entrepreneurial explosion. I tell young people to start a business with ChatGPT.

ChatGPT has 2M developers, up fivefold or sixfold in recent months. Follow the developers and become one; this is about natural language programming.

At ARK, our chief futurist Brett Winton has 4-5 AI agents working for him. We started at $20/month subscriptions, heavy users are at $200/month, discussing maybe needing $2000/month in tokens.

It's pretty astonishing what's going on.

AI can handle benchmark-sensitive investing (mimicking S&P 500/Nasdaq). More futuristic, original research on how technologies evolve will take more time.

That's why I founded ARK. That part of the business disappeared when M&A activity disappeared under the last FTC.

The last five years saw extreme concentration into benchmarks. ARK is compared to midcap growth indexes; Morningstar has us top 10 over 10 years. Double-digit returns since inception. We're coming out of a drought as more people understand this technology revolution.

We focus research on AI, robotics, energy storage, blockchain, multi-omic sequencing—all converging. Our research team is set up differently.

Bitcoin has been in a bit of a winter, started with risk-off, complicated by the flash crash last October. Many focus on quantum as a risk; quantum-resistant wallets are part of the answer. We're in a bottoming-out phase.

We're seeing institutionalization of Bitcoin as a new asset class with low correlation. Down 50% would be considered a victory; the 85-95% collapses of a very new technology are done. This is a proven technology and monetary system.