According to a report by The Block, during the market downturn following the U.S. presidential election debate, Cathie Wood’s asset management firm Ark Invest purchased 53,708 shares of cryptocurrency exchange Coinbase, totaling a value of $8.4 million, through its three funds.
According to the latest trading documents, the ARK Innovation ETF (ARKK) acquired 38,475 shares of COIN, valued at $6 million; the ARK Next Generation Internet ETF (ARKW) bought 9,349 shares, worth $1.5 million; and the ARK Fintech Innovation ETF (ARKF) purchased 5,884 shares, valued at $925,000.
The last time Ark Invest bought Coinbase stock was in early August during a market drop, when the firm’s funds acquired approximately $21.8 million worth of Coinbase shares.
Based on information disclosed by the company, as of September 12, COIN currently has weightings in ARKK, ARKW, and ARKF of 6.5%, 5.1%, and 7.3%, respectively, valued at approximately $355 million, $67 million, and $60 million.
Bitfinex analysts, in an interview with The Block, stated 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 as unimpressive
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