Key Takeaways
ARK bought $20.5 million of SpaceX (SPCX) on July 20 across four of its ETFs.SpaceX shares traded near $119.85, down more than 45% from their June IPO price of $135.ARK trimmed Robinhood (HOOD) by $4.1 million the same day, continuing a pattern of profit-taking.
A Familiar Pattern of Buying the SpaceX Dip
The SpaceX purchase spread across ARK’s flagship ARKK, ARKW, ARKQ and ARKX funds, according to the firm’s daily trade disclosures. It is not the first time Wood has stepped in as Elon Musk’s rocket company has slid, given Ark Invest added $32.5 million of SpaceX shares in an earlier dip this year, and the fund has separately amassed roughly 3.3 million shares tied to the stock’s Starlink and artificial intelligence (AI)-linked infrastructure businesses.
SpaceX’s decline has been steep. The stock topped $225 shortly after its record June IPO, which raised roughly $86 billion, but has since shed more than 40% of its value and closed below its $135 offering price for the first time since its debut earlier this month. The stock is currently trading at $119.85.
Analysts point to profit-taking after one of the most hyped listings in memory, a reassessment of the company’s valuation, a failed test of the upgraded Starship V3 rocket, and looming lock-up expirations that will free early holders to sell.
SpaceX’s Bitcoin Treasury Angle
SpaceX holds roughly 18,712 bitcoin (BTC), worth close to $1.19 billion at current prices, making it one of the largest corporate holders of the asset outside of dedicated treasury firms such as Strategy (Nasdaq: MSTR). A falling share price does not change that balance sheet position, but it does mean ARK is accumulating exposure to a bitcoin-holding company at a steep discount to its post-IPO highs.
The Robinhood sale was smaller and fits a different pattern. ARK has moved in and out of Robinhood repeatedly this year, at one point buying the dip on Robinhood alongside Coinbase, Circle and Bullish as crypto-linked stocks slid broadly. Robinhood shares closed July 20 near $99.28, down modestly on the day, and the stock has been a strong performer in 2026 as its crypto and options businesses have expanded.
The same trading day, ARK also added $18.2 million of Meta Platforms shares while selling $4.1 million of Advanced Micro Devices, moves that fall outside the SpaceX-Robinhood trade but reinforce the fund’s broader tilt toward AI infrastructure names over semiconductor exposure.
Wood’s Broader Crypto Thesis
The trades come as Wood continues to make some of the most aggressive public bitcoin forecasts on Wall Street. She has doubled down on a long-term bull case that places bitcoin’s value between $1 million and $1.5 million per coin, with a base case around $650,000, citing institutional adoption and the asset’s growing recognition as a distinct store of value.
Wood has also projected the broader crypto ecosystem could scale from roughly $1 trillion today to $25 trillion by 2030, and has described bitcoin as a “new Bretton Woods” for a fracturing global monetary system.
Despite the drawdown, SpaceX’s rise has been rapid by any measure. The company landed a spot in the Nasdaq-100 index just weeks after its record IPO, a milestone that typically takes newly public companies years to reach and one that forces index funds to buy the stock regardless of near-term price swings. That dynamic has added a layer of structural demand even as active investors like ARK trade around the volatility.
SpaceX is scheduled to report second-quarter results and host an earnings webcast on August 4, an event that will give investors their first detailed look at the company’s financials since the IPO and could resolve some of the valuation uncertainty behind the recent slide. The company’s next Starship test flight and any update on lock-up expirations will also weigh on sentiment in the meantime.
For Robinhood, quarterly results will show whether crypto trading volumes are still growing fast enough to justify ARK’s earlier conviction, even as the fund trims its position on strength. Either way, ARK’s daily trade disclosures will keep offering an unusually granular window into how one of Wall Street’s highest-profile crypto bulls is positioning around both names.
