Cathie Wood's ARK Invest purchased roughly $77 million worth of crypto-related stocks in June, focusing on Coinbase, Circle, and Bullish. The moves came as Bitcoin recorded its weakest month in four years. Data shows these equities carried higher volatility and added company-specific risks compared with direct Bitcoin holdings.
ARK Invest acquired $44 million in Coinbase shares, $25.25 million in Circle, and $8.2 million in Bullish during the period. The purchases align with a strategy of gaining regulated equity exposure to the digital asset sector without holding coins directly.
Analysis of nine US-listed crypto stocks through July 2 revealed annualized volatility between 68% and 90%, about double Bitcoin's 37.6%. Correlations with Bitcoin ranged from 0.55 to 0.85, indicating that company events often drove price moves more than the coin itself.
Strategy stood out for its closer tracking of Bitcoin, with a beta of 1.59 and correlation of 0.85. Its multiple of net asset value dropped below 1 in late June, prompting a June 29 announcement of a share buyback program and authority to sell up to $1.25 billion in Bitcoin for liquidity needs. Shares rose 12.6% after the disclosure.
Miners including Riot, MARA, and CleanSpark posted gains this year despite Bitcoin's decline, driven by new AI and computing contracts rather than coin price movements.
