Cathie Wood, CEO and CIO of ARK Invest, recently expressed skepticism about the usefulness of the TRUMP meme coin, a new cryptocurrency associated with US President Donald Trump.
In an interview with Bloomberg TV, Wood noted that his company has generally avoided investing in meme coins.
Cathie Wood Tags TRUMP Coin as Part of “Meme Coin Moment”
Wood drew parallels to the ICO movement of 2017, started by CryptoKitties. Therefore, she categorized TRUMP as part of the current “meme coin moment.” However, according to her, the usefulness of TRUMP remains uncertain.
“So far, we don’t know much use for this piece, other than it being a meme of President Trump himself,” Wood admitted.
She also addressed speculation surrounding the coin, noting that one of its uses would be as an opportunity to meet the president. However, Wood expressed uncertainty about the validity of such claims.
“I think it ushers in the next phase of the crypto revolution,” she added.
When asked about investing in the Trump coin or other meme coins, the CEO clarified that ARK Invest has largely avoided meme coins, instead prioritizing cryptocurrencies with significant utility and potential.
She highlighted Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) as their main focus areas, noting that Bitcoin is central to their strategy, with ARKB being one of the largest Bitcoin ETFs.
Wood also highlighted that Ethereum and Solana play a key role 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 consider the big three,” the CEO remarked.
However, TRUMP has also gained popularity in the market, despite being a new entrant. It boasts a market capitalization of $7.42 billion, giving it its place as the 29th largest cryptocurrency and the third largest coin by market capitalization.
This rapid rise has also attracted the attention of institutions. Rex Shares, for example, filed for a coin ETF including TRUMP alongside other coin tokens like BONK and DOGE.
Interestingly, President Trump admitted to having limited knowledge of the TRUMP meme coin. During a recent press conference at the White House, he admitted his lack of knowledge of the cryptocurrency that bears his name.
Meanwhile, TRUMP is not the president’s only venture into cryptocurrencies. In 2024, it also launched World Liberty Financial (WLF), a decentralized finance (DeFi) protocol.
Nonetheless, its involvement in the crypto space has come under scrutiny. US Representative Gerald Connolly notably called for an investigation into Trump’s financial ties to crypto companies, including World Liberty Financial.
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