ARK Invest purchased about $77 million of crypto‑related stocks in June, including $44 million of Coinbase, $25.25 million of Circle and $8.2 million of Bullish, during a month in which Bitcoin posted its steepest decline in four years. The buys follow a thesis that equity‑listed companies provide regulated exposure to digital‑asset price cycles without requiring direct coin holdings. Analysis of price data through July 2 showed that the nine U.S. crypto stocks had annualized 30‑day realized volatility ranging from 68 % to 90 %, roughly twice Bitcoin’s 37.6 % volatility, and that on a 90‑day basis Circle’s volatility reached 103.6 % versus Bitcoin’s 37.8 %. Over the last 90 trading days, Circle, Robinhood and Bullish showed correlations of 0.55‑0.58 with Bitcoin, meaning Bitcoin’s daily moves explained about one‑third of their price swings, while the remainder reflected company‑specific factors such as earnings, competition and share issuance. Beta values for the stocks ranged from 0.96 for Robinhood to 1.59 for Strategy, with Strategy’s correlation at 0.85 indicating levered Bitcoin exposure. Year‑to‑date returns varied from a 74.5 % gain for Riot to a 29.5 % decline for Bitcoin, while Coinbase fell 26.8 % and traded 60.6 % below its July 2025 peak. On June 25, ARK added roughly $3.27 million of Robinhood shares and renewed positions in Coinbase, Circle and Bullish as the stocks fell, citing a seven‑figure long‑term Bitcoin target and current discounts to 2025 valuations. The data indicate that the equity wrapper either amplifies Bitcoin’s price swings or adds an additional layer of company‑specific risk, and no single stock offers pure Bitcoin exposure.