According to a report by The Block, during the market decline following the U.S. presidential election debate, ARK Invest, led by Cathie Wood, purchased 53,708 shares of cryptocurrency exchange Coinbase stock through its three funds, totaling $8.4 million.
According to the latest trading documents, the ARK Innovation ETF (ARKK) bought 38,475 shares of COIN, valued at $6 million; the ARK Next Generation Internet ETF (ARKW) acquired 9,349 shares for $1.5 million; and the ARK Fintech Innovation ETF (ARKF) purchased 5,884 shares for $925,000.
The last time ARK Invest bought Coinbase stock was in early August during a market downturn, when the company’s funds purchased approximately $21.8 million worth of Coinbase shares.
According to the company’s disclosed information, as of September 12, COIN currently holds weights of 6.5%, 5.1%, and 7.3% in the ARKK, ARKW, and ARKF funds, respectively, valued at approximately $355 million, $67 million, and $60 million.
A Bitfinex analyst stated in an interview with The Block that Tuesday night’s U.S. presidential election debate turned into a “Sell-the-news” event, triggering a risk-off sentiment in the cryptocurrency market, as the market generally perceived Donald Trump’s performance against Kamala Harris to be unimpressive