Funds are buying crypto stocks. Are they exposed to less risk — or more?

Funds are buying crypto stocks. Are they exposed to less risk — or more?

Cathie Wood’s ARK Invest bought roughly $77 million of crypto stocks in June, adding $44 million of Coinbase (COIN), $25.25 million of Circle (CRCL), and $8.2 million of Bullish (BLSH) during Bitcoin’s worst month in four years, according to ARK’s daily trade disclosures.
The purchases extend a thesis both Wood and other funds have held through every crypto downturn: public companies offer a regulated, equity-market way to own the digital asset cycle without holding the coins directly.
CryptoSlate’s analysis of daily price data through July 2 shows what that equity route actually cost this year. Across nine US-listed crypto stocks, annualized 30-day realized volatility, which measures how much a price actually moved day-to-day, scaled to a full year, ranged from 68% to 90%, roughly double Bitcoin’s 37.6%.
On a 90-day view, Circle’s reading is 103.6%, compared with Bitcoin’s 37.8%. Circle also sits 51.4% below its 2026 high, Strategy (MSTR) 48.6%, and Bullish 43.6%, all steeper falls th

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