ARK Invest bought additional shares of Tesla, SpaceX, Nvidia, and BitMine on July 27 and 28, while selling off Robinhood stock. The moves come as Lorenzo Valente, ARK's digital assets research head, warns that crypto bankruptcies and shutdowns will rise due to revenue concentration among a few apps.
The trades
On July 27, ARK picked up 28,705 Tesla shares and 38,727 SpaceX shares. The next day it added 23,943 more Tesla and 118,709 more SpaceX. It also bought Nvidia and BitMine, though the exact amounts weren't disclosed. On the sell side, ARK unloaded 32,021 shares of Robinhood.
Separately, on July 27, ARK bought 26,203 units of the 3iQ Solana Staking ETF, worth about $158,000. That's a small bet on Solana, even as the token itself has taken a beating.
Why the warning
Valente didn't mince words. He says crypto bankruptcies and shutdowns will keep coming because too many projects rely on a tiny slice of the revenue pie. The top three crypto apps — Hyperliquid, Pump.fun, and Ethena — earn nearly 80% of all crypto app revenue. That's a fragile setup.
Two projects, Everclear and ZERO Network, have already closed this year. Valente's point: if you're not in that top tier, you're probably not making enough to survive.
Market backdrop
The numbers back him up. Bitcoin is down about 46% over the past year. Solana has lost roughly 60%. Ethena, one of the top revenue apps, is down 87%. Hyperliquid is still up, but it's the exception.
ARK's strategy is clear: back firms that already generate cash. That's why it's buying Tesla, SpaceX, Nvidia, and BitMine — all companies with real revenue. Valente warns against crypto projects without actual customers. The market seems to agree.
ARK continues to adjust its portfolio amid a brutal crypto bear market. With more closures likely, the firm is betting on the survivors that already have a business model.
