ARK ETFs Buy $5.4M in Crypto-Linked Stocks

ARK Invest’s ETFs bought roughly $5.4 million of crypto-linked equities on June 25, allocating about $3.27 million to Robinhood, $1.28 million to Coinbase, $637,455 to Circle and $199,895 to Bullish. The purchases came while the total crypto market capitalization remained more than 36% below year-ago levels, altcoins were about 45% below an October 2025 peak and Bitcoin posted one of its weakest starts to a year in over a decade.

The shares acquired by ARK are held by companies that generate revenue from trading fees, custody services, stablecoin activity and derivatives, rather than from holding tokens directly. The trades occurred as public-market flows shifted into technology and large initial public offerings.

In its first-quarter update, Coinbase reported an 8.6% share of crypto spot trading, trailing-12-month derivatives volume up 169% year over year and custody of about 12% of global crypto assets. Coinbase said more than a quarter of USDC in circulation was held in its products. Coinbase’s transaction revenue declined about 40% to $756 million for the quarter, total revenue fell to $1.43 billion from $2.03 billion a year earlier, and the company recorded its second consecutive quarterly loss.

Circle reported USDC circulation of $77 billion in the first quarter, up 28% year over year, and on-chain USDC transaction volume of $21.5 trillion, a 263% increase. Circle reported total revenue and reserve income of $694 million for the period, up 20%, supported by higher average USDC circulation while lower reserve yields partially offset gains. Live figures on June 25 showed $73.6 billion of USDC in circulation. A 100 basis-point change in gross reserve yield on $77 billion equates to roughly $770 million in annualized revenue before costs.

Robinhood’s crypto business generated $134 million in revenue in the first quarter, down 47% year over year. App crypto notional trading volume fell 48%; when combined with Bitstamp’s $42 billion in volume, the total crypto notional reached $66 billion. Bullish reported $51.8 billion in digital asset sales in the first quarter, adjusted EBITDA of $35.1 million and a 14% open-interest market share in bitcoin options in April.

Some investors use equities tied to crypto activity to gain exposure to trading fees, custody balances, stablecoin circulation and derivatives flows without holding tokens. Equity revenue from transaction and custody activity responds directly to trading and stablecoin volumes.

Using Coinbase’s $756 million quarterly transaction revenue as a baseline, a 10% increase would add about $76 million per quarter and a 25% increase would add about $189 million per quarter. Changes in reserve yields have a similar leverage effect on firms whose income depends on stablecoin circulation and reserve returns.

Public crypto companies’ revenue models are sensitive to trading volumes, interest rates and regulatory arrangements. Continued flows into other equity sectors and thin crypto volumes would keep revenue below prior peaks for exchanges and brokers. Circle’s results depend on stablecoin circulation and reserve yields; Robinhood’s results depend on retail trading activity; Bullish’s results depend on institutional spot and derivatives demand.

On June 25 ARK’s ETFs increased positions in firms that derive income from crypto-related activity rather than from holding tokens, allocating the $5.4 million across Robinhood, Coinbase, Circle and Bullish.