Cathie Wood is not backing down. While the S&P 500 has shed roughly $3 trillion since its June 2 peak, Ark Invest's flagship Ark Innovation ETF (ARKK) continues to carry heavy exposure to crypto-linked equities. Data compiled by The Kobeissi Letter shows Tesla remains ARKK's top holding at 10.22%, followed by a basket of digital finance names: Robinhood, Coinbase, Circle, Bullish, and Ethereum treasury firm BitMine.
Robinhood Rallies After Goldman Sachs Target Hike
Among ARKK's crypto positions, Robinhood carries the largest weight at 4.75%. HOOD shares climbed more than 3% on the day, trading above $86, driven by a price-target increase from Goldman Sachs. In contrast, Coinbase, Circle, and BitMine shares edged lower as broader risk-off sentiment weighed on the crypto sector. Rising geopolitical tensions and hotter-than-expected U.S. inflation data are also curbing appetite for speculative assets.
BitMine has drawn extra attention recently after expanding its Ethereum treasury strategy, making it one of the more closely watched crypto equities in the current environment.
Bitcoin Conviction Unshaken: $730K or $1.5M by 2030
Wood doubled down on her long-term Bitcoin thesis during the selloff. On June 3, she reiterated Ark's forecast: Bitcoin could reach roughly $730,000 in the base case and up to $1.5 million in the bull case by 2030. She describes the asset as a hedge against currency debasement, arguing periodic corrections do not derail the structural uptrend.
The call drew immediate pushback. Canadian mining investor Frank Giustra dismissed Wood's prediction, saying Bitcoin will never hit $1 million. Meanwhile, attention is shifting to SpaceX's potential IPO — Senator Elizabeth Warren urged SEC Chair Paul Atkins to delay the $75 billion listing, citing investor-protection and governance concerns that require additional regulatory scrutiny.