Cathie Wood's ARKK Holds Crypto Stocks as S&P Drops $3 Trillion

Cathie Wood's flagship ARKK fund kept its crypto-stock bets during the S&P 500's $3 trillion slide from its June 2 peak, according to Ark Invest's latest portfolio disclosure cited by The Kobeissi Letter.

Tesla remains the fund's largest holding at 10.22% of assets. Among crypto-linked names, Robinhood carries the biggest weight at 4.75%, followed by Circle, Coinbase, Bullish, and Ethereum treasury firm BitMine, the disclosure shows.

HOOD shares rose more than 3% to above $86 on the day, bucking weakness in digital assets and other crypto stocks. The move followed a price-target increase from Goldman Sachs. Coinbase, Circle, and BitMine traded lower as crypto sentiment deteriorated.

Ark Invest's GS stock page shows Goldman Sachs with an Alpha Score of 61/100, labeled Moderate. Robinhood scores 42/100, labeled Mixed. Both sit in the Financials sector.

Wood defended her long-term Bitcoin outlook on June 3, reiterating Ark's base-case target of roughly $730,000 and a bull-case projection of $1.5 million by 2030. She described Bitcoin as a hedge against currency debasement.

Canadian mining investor Frank Giustra rejected the forecast, saying Bitcoin would not reach $1 million.

Separately, Senator Elizabeth Warren urged the SEC to delay SpaceX's planned $75 billion IPO, citing investor-protection and governance concerns in a letter to SEC Chair Paul Atkins.