Ark Investment buys $8.4 million worth of Coinbase stock during market downturn after US election de

According to The Block, during the market downturn following the US presidential election debate, asset management company ARK Invest, led by Cathie Wood, purchased 53708 shares of cryptocurrency exchange Coinbase through its three funds, with a total value of $8.4 million.

According to the latest trading documents, the ARK Innovation Active ETF (ARKK) purchased 38475 shares of COIN worth $6 million; The ARK Select Generation IoT Active ETF (ARKW) purchased 9349 shares worth $1.5 million; The ARK Financial Technology Innovation Active ETF (ARKF) bought 5884 shares worth $925000.

The last time Ark Investment purchased Coinbase stocks was during the market crash in early August, when the company's funds bought Coinbase stocks worth approximately $21.8 million.

According to the information disclosed by the company, as of September 12th, COIN's weight in three funds, ARKK, ARKW, and ARKF, is 6.5%, 5.1%, and 7.3% respectively, with values of approximately $355 million, $67 million, and $60 million, respectively.

In an interview with The Block, Bitfinex analysts said that the US presidential election debate on Tuesday night turned into a "Sell the news" event, which triggered a risk aversion in the cryptocurrency market, because the market generally believed that Trump's performance against Kamala Harris was not impressive.