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
Why Did FamilyMart Enter the Cryptocurrency Sector? Trump’s Second Son Reveals the Truth Behind It.
He stated that the family originally had no plans to enter this field, but the banking sys…