TheBlock
Ark Invest bought 17,806 Coinbase shares worth $2.44 million through its Ark Innovation ETF on Thursday, according to its trading disclosure. Coinbase fell 9.69% to close at $136.82 as a wider U.S. market rout sent the Nasdaq Composite down 5.52%.
The Cathie Wood-led firm also sold 109,522 Bullish shares worth $2.27 million and 119,841 Bitmine shares worth $2.28 million through its ETFs. Bullish fell 10.46%, while Bitmine slumped 12.56%.
Why it matters
Ark added to Coinbase while reducing its exposure to two other crypto-related stocks. It also bought technology shares during the sell-off, including 252,592 Nvidia shares worth $45.9 million and 48,984 AMD shares worth $19.8 million. The firm added 393,774 SpaceX shares worth $48.7 million.
AI-related equities were among the hardest hit as Democrats' midterm election victory sparked fears of a potential slowdown in AI development. Nvidia fell 9.26%, wiping out its gains for the year, while AMD plunged 17.26% but remained up 81% year-to-date.
Market impact
The Nasdaq posted its worst day since April 2025. The S&P 500 lost 4.36% and the Dow Jones Industrial Average dropped 3.44%. The sell-off extended into Asia on Friday, with Japan's Nikkei 225 down 5.3% during the morning session and South Korea's Kospi down 3.6% around noon after an earlier plunge triggered a brief trading halt.
Bitcoin traded at $75,908, down 5.8% over 24 hours as of 11:20 p.m. ET Thursday, after falling to around $75,350 earlier. Ethereum dropped 8.2% to $2,234.
Frequently asked questions
-
How much Coinbase stock did Ark Invest buy?
Ark bought 17,806 Coinbase shares worth $2.44 million through its Ark Innovation ETF on Thursday.
-
Which crypto-related stocks did Ark sell during the rout?
Ark sold 109,522 Bullish shares worth $2.27 million and 119,841 Bitmine shares worth $2.28 million through its ETFs.
-
What AI-related stocks did Ark buy?
Ark bought 252,592 Nvidia shares worth $45.9 million and 48,984 AMD shares worth $19.8 million.
-
How did the major U.S. stock indexes perform?
The Nasdaq Composite fell 5.52%, the S&P 500 lost 4.36% and the Dow Jones Industrial Average dropped 3.44%.
-
How did Bitcoin and Ethereum trade during the sell-off?
Bitcoin traded at $75,908, down 5.8% over 24 hours as of 11:20 p.m. ET Thursday. Ethereum fell 8.2% to $2,234.
WatcherGuru
CoinTelegraph
Glassnode
CoinDesk