Cathie Wood doubles down on crypto stocks during market rout

Cathie Wood has maintained sizable positions in crypto-linked stocks through her flagship ARKK fund even as roughly $3 trillion has been wiped from the S&P 500 since its June 2 peak, according to data cited by The Kobeissi Letter.

According to the latest portfolio disclosure from Ark Invest, the firm’s flagship Ark Innovation ETF (ARKK) continues to hold significant exposure to cryptocurrency and digital finance companies despite ongoing weakness across risk assets.

The allocation comes as investors contend with a stock market pullback, pressure in crypto markets, and uncertainty surrounding a potential record-breaking SpaceX public offering.

Data published by Ark Invest shows electric vehicle maker Tesla remains the fund’s largest holding, accounting for 10.22% of assets. Alongside its technology and artificial intelligence investments, the ETF also holds several crypto-focused companies, including Robinhood, Circle, Coinbase, Bullish, and Ethereum treasury firm BitMine.

Crypto-linked holdings remain a core part of ARKK

Among the crypto stocks in the portfolio, Robinhood holds the largest weighting at 4.75% of total assets, according to Ark Invest’s disclosure. Circle, the issuer of USDC, and crypto exchange Coinbase also rank among the fund’s notable positions.

Additional exposure comes through Bullish and BitMine. Interest in BitMine has increased in recent weeks after the company expanded its Ethereum treasury strategy, placing it among the closely watched crypto-related equities in the market.

While several crypto stocks traded lower alongside weakness in digital assets, Robinhood moved in the opposite direction. At the time of reporting, HOOD shares were up more than 3% and traded above $86.

Recent strength in Robinhood followed a price-target increase from Goldman Sachs. Meanwhile, shares of Coinbase, Circle, BitMine, and several other crypto-linked companies remained under pressure as sentiment across the cryptocurrency sector deteriorated.

Pressure on risk assets has coincided with rising geopolitical tensions. Market participants have also been digesting stronger-than-expected U.S. inflation data, developments that have weighed on investor appetite for speculative assets, including cryptocurrencies and related stocks.

Bitcoin conviction remains unchanged at Ark Invest

Beyond equities, Ark Invest chief Cathie Wood has continued to defend her long-term outlook on Bitcoin.

As previously reported by crypto.news, Wood reiterated on June 3 that Ark Invest expects Bitcoin to reach roughly $730,000 under its base-case scenario and as much as $1.5 million in its bull-case projection by 2030.

According to Wood, Bitcoin’s long-term trend remains intact despite periodic corrections, and she has described the asset as a hedge against currency debasement.

Her latest forecast has revived debate over Bitcoin’s role relative to gold. Responding to Wood’s projections, Canadian mining investor Frank Giustra rejected the prediction and stated that Bitcoin would not reach the $1 million level.

At the same time, attention has turned toward the proposed SpaceX IPO. As previously reported by crypto.news, Senator Elizabeth Warren urged the SEC to delay the planned $75 billion listing, arguing in a letter to SEC Chair Paul Atkins that investor-protection and governance concerns warrant additional regulatory scrutiny before the offering proceeds.