
ARK Invest CEO and CIO Cathie Wood recently expressed skepticism regarding the utility of the TRUMP meme coin, a new cryptocurrency associated with US President Donald Trump.
In an interview with Bloomberg TV, Wood noted that her firm has generally avoided investing in meme coins.
Cathie Wood Labels TRUMP Coin Part of the “Meme Coin Moment”
Wood drew parallels to the 2017 ICO movement, which was started by CryptoKitties. Therefore, she categorized TRUMP as part of the current “meme coin moment.” Nevertheless, Wood questioned the actual utility of TRUMP, suggesting its future use remained uncertain.
“So far, we don’t know of much utility for this coin, except that it is a meme point of President Trump himself,” Wood admitted.
She also addressed speculations surrounding the meme coin, noting that one of its rumored utilities was the opportunity to meet the President. However, Wood expressed uncertainty about the validity of such claims.
“I think he’s ushering in the next phase of the crypto revolution,” she added.
When asked about investing in the Trump coin or other meme coins, Wood clarified that ARK Invest has largely avoided these types of assets, preferring to focus on cryptocurrencies with tangible utility and growth potential.
She highlighted Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) as ARK’s primary focus, stating that Bitcoin is central to their strategy, with ARK being one of the larger Bitcoin ETFs.
Wood also emphasized that Ethereum and Solana play crucial roles in their private funds due to their importance in supporting decentralized financial services, often referred to as DeFi or “finternet,” which she believes will drive substantial innovation in the crypto space.
“Those we believe are the big three,” the CEO remarked.
Despite Wood’s skepticism, TRUMP has made waves in the market, boasting a market capitalization of $7.42 billion. This rapid rise has secured its place as the 29th largest cryptocurrency and the third-largest meme coin by market cap.
TRUMP’s quick ascent has also attracted institutional interest. For example, Rex Shares has filed for meme coin ETFs that include TRUMP alongside other popular tokens like BONK and DOGE.
Interestingly, President Trump has admitted to having limited knowledge about the TRUMP meme coin. During a recent White House press conference, he acknowledged his unfamiliarity with the cryptocurrency bearing his name.
Meanwhile, TRUMP isn’t the only crypto-related venture Trump has been involved in. In 2024, he also launched World Liberty Financial (WLF), a decentralized finance (DeFi) protocol.
Despite this involvement, his ventures in the crypto space have drawn significant scrutiny. Notably, US Representative Gerald Connolly has called for an investigation into Trump’s financial ties to crypto projects like World Liberty Financial.