As the cryptocurrency market slump drags on, moves are coming into focus to look for rebound gains in shares of related companies rather than tokens.

On June 28 (local time), blockchain outlet CryptoSlate reported that Ark Invest's exchange-traded funds bought about $5.4 million worth of four crypto-related stocks on June 25, including Coinbase, Circle, Bullish and Robinhood.

The purchases came on a day when all four stocks fell. By name, Ark bought $1.28 million of Coinbase, $637,455 of Circle, $199,895 of Bullish and $3.27 million of Robinhood. Cathie Wood (캐시 우드), Ark Invest's chief executive, stepped in to buy during a weak phase. The chosen companies all have structures that generate revenue from crypto activity itself, including trading, stablecoin distribution, custody, derivatives and retail investor dealing.

The backdrop is a prolonged slump in the token market. Total cryptocurrency market value has fallen by more than 36 percent from a year earlier, and altcoins broadly are about 45 percent below their October 2025 peak. Bitcoin is also having its weakest start to the year in more than 10 years, while money is moving into artificial intelligence-related stocks and the initial public offering market for major companies.

Company results also show that gap. Coinbase said it had an 8.6 percent share of first-quarter cryptocurrency trading volume, a 169 percent increase in derivatives volume over the past 12 months, custody of 12 percent of global crypto assets under custody, and more than 25 percent of total USDC in circulation on its products. Still, results retreated as trading slowed. Coinbase's first-quarter transaction revenue fell about 40 percent to $756 million, and total revenue fell to $1.43 billion from $2.03 billion a year earlier. Quarterly net losses also extended for a second consecutive quarter.

Circle is cited for strength in expanding stablecoin distribution. First-quarter USDC in circulation rose 28 percent from a year earlier to $77 billion, and on-chain USDC transaction volume increased 263 percent to $2.15 trillion. Total revenue and reserve income rose 20 percent to $694 million. Still, Circle's earnings structure is more sensitive than altcoin moves to circulation scale, reserve yields and distribution agreements.

For Robinhood, the key is whether retail trading recovers. First-quarter cryptocurrency revenue fell 47 percent from a year earlier to $134 million, and nominal crypto trading volume in the app also dropped 48 percent. Still, including $42 billion added from Bitstamp, total nominal trading volume was $66 billion. Bullish depends on institutional demand. First-quarter digital asset revenue was $51.8 billion and adjusted EBITDA was $35.1 million, and its share of the Bitcoin options open interest market in April was 14 percent.

The market logic is clear. If retail speculative demand returns, derivatives trading recovers and stablecoin supply keeps rising, exchange and brokerage shares can react before a broader altcoin rotation. That is because companies' fee revenue and profit estimates can shift faster than token narratives. For Coinbase, calculations suggest that a 10 percent rise from $756 million in first-quarter transaction revenue would add $76 million for the quarter, and a 25 percent increase could lift it to as much as $189 million.

The bearish scenario is also clear. If AI-related stocks, the IPO market and listed shares keep sucking in funds and crypto trading stays thin, results at related companies will come under immediate pressure. Recent results at Coinbase and Robinhood already show that slower trading directly translates into weaker revenue. Circle needs USDC circulation to hold up and reserve yields to support it, and Bullish could be hit if institutional trading demand fades.

In the end, the key point to watch is the shape of any rebound. The beneficiary assets may differ depending on whether the market returns to a broad altcoin rally like 2021 or ends with a narrower, faster rotation. If a strategy of picking tokens directly has to accept liquidity risk, unlock schedules and narrative decay, crypto-linked stocks are being revalued as a way to bet on a recovery in crypto activity itself.