Amid a pullback in U.S. equities and weakening crypto assets, Cathie Wood’s flagship fund, ARKK, still maintains significant positions in several crypto-related stocks. Public holding data shows that Robinhood, Coinbase, Circle, Bullish, and BitMine remain on its core holding list.
This correction occurred after the S&P 500 retreated from its high on June 2. According to data cited from The Kobeissi Letter, the S&P 500 lost approximately $3 trillion in market value during this period. The market also faced pressure from stronger-than-expected U.S. inflation data and escalating geopolitical tensions, weighing on risk assets overall.
Robinhood has the highest weight
According to Ark Invest’s disclosures, Tesla remains the largest holding in ARKK, accounting for 10.22% of the fund’s assets. Among cryptocurrency-related stocks, Robinhood has the highest weighting at approximately 4.75%. Circle and Coinbase are also among the more significant positions.
In addition to the companies mentioned above, ARKK also holds Bullish and BitMine. BitMine has recently garnered more attention due to its expanded Ethereum treasury strategy and has become one of the crypto-related stocks tracked by the market.
Most cryptocurrency-related stocks declined with the market.
Among the cryptocurrency-related stocks held by ARKK, Robinhood has performed relatively strongly. The report notes that, following Goldman Sachs raising its price target, this stock led gains among the related holdings, while most other similar stocks generally declined during the market pullback.
ARKK's portfolio composition shows that Ark Invest has not significantly reduced its allocation to the crypto sector in response to short-term volatility. In addition to crypto-related companies, the fund continues to hold high-volatility growth assets such as technology and artificial intelligence.
Cathie Wood reiterates her Bitcoin price target
In addition to stock allocations, Cathie Wood again defended Bitcoin’s long-term prospects, reiterating on June 3 that Ark Invest’s base case forecast for Bitcoin by 2030 is approximately $730,000, with an optimistic scenario reaching up to $1.5 million.
Wood believes that Bitcoin’s long-term upward trend has not been altered by temporary pullbacks and views it as a hedge against currency depreciation. This assessment has once again sparked market debate, with gold investor Frank Giustra criticizing this target.
SpaceX's IPO plans attract attention
The report also noted that the market has recently been paying attention to SpaceX’s proposed initial public offering. Previous reports suggested the transaction could be valued at up to $75 billion. U.S. Senator Elizabeth Warren has written to SEC Chair Paul Atkins, urging stronger scrutiny of investor protection and corporate governance issues before proceeding with the listing.
This means the current market is not only absorbing inflation and geopolitical risks but also reassessing its capacity to absorb high-growth assets and related IPOs.