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.
- Ark Invest’s ARKK ETF continues to hold major crypto stocks including Robinhood, Coinbase, Circle, Bullish, and BitMine despite market weakness.
- Robinhood led gains among ARKK’s crypto holdings after a Goldman Sachs price-target increase, while most peers traded lower.
- Cathie Wood reaffirmed her Bitcoin target of up to $1.5 million by 2030, drawing renewed criticism from gold investor Frank Giustra.
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
As chip stocks plummet, "cybersecurity software" surges across the board, CrowdStrike and Palo Alto Networks hit new highs
CrowdStrike surged 13.8% in a single day to a record high, while Palo Alto Networks soared 13%. The software ETF outperformed the semiconductor ETF by more than 10 percentage points in a single day, marking the largest gap in history. Analysts believe that regardless of the pace of AI development, security demand will only continue to rise. Capital is accelerating its rotation from computing hardware to security software, with segments such as identity management and data governance expected to benefit first.
Altman can afford to wait, but Masayoshi Son can't: OpenAI will not go public this year, exposing a $20 billion gap and a credit weakness for SoftBank.
OpenAI has postponed its public listing, putting its largest external shareholder, SoftBank, in a liquidity crisis. This week, SoftBank is conducting a roadshow in New York, seeking to issue $10-20 billion in bonds to repay the $40 billion bridge loan previously borrowed to increase its investment in OpenAI. According to Bloomberg estimates, SoftBank faces a funding gap of at least $20 billion, and the yield on its existing U.S. dollar bonds has already exceeded 8.5%, with pricing approaching junk status.
Meeting postponed, gold price drops rapidly
The "first metaverse stock" bets on "AI-powered game creation"! Roblox (RBLX.US) competes for creator economy dividends, shares surge nearly 13%
On September 11, after Roblox announced new tools for game developers and features for players at its developer conference, the company's stock price rose by more than 12% on Monday.
Crypto prices
More
