Crypto Stocks Outperform Bitcoin in Volatility, But Bring Equity Risks

Cathie Wood's ARK Invest made significant purchases of crypto stocks in June, buying around $77 million worth of shares. This includes roughly $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, these purchases extend the thesis that public companies offer a regulated, equity-market way to own the digital asset cycle without holding the coins directly.

CryptoSlate analyzed daily price data and found that across nine US-listed crypto stocks, annualized 30-day realized volatility ranged from 68% to 90%, roughly double Bitcoin's 37.6%. Circle's reading is 103.6%, compared with Bitcoin's 37.8%

On a 90-day view, Circle's realized volatility is even higher at 103.6%, and it sits 51.4% below its 2026 high. Strategy (MSTR) also fell significantly, sitting 48.6% below its 2026 high.