According to The Block, ARK Invest, the asset management firm led by Cathie Wood, bought 53,708 shares of cryptocurrency exchange Coinbase worth a total of $8.4 million through three of its funds during the market sell-off following the US presidential debate.

According to the latest trade filings, the ARK Innovation ETF (ARKK) bought 38,475 shares of COIN worth $6 million, the ARK Next Generation Internet ETF (ARKW) bought 9,349 shares worth $1.5 million, and the ARK Fintech Innovation ETF (ARKF) bought 5,884 shares worth $925,000.

The last time ARK Invest bought Coinbase shares was in early August during a market downturn, when the firm's funds bought about $21.8 million worth of Coinbase stock.

According to the company's disclosures, as of September 12, COIN currently holds a weighting of 6.5% in ARKK, 5.1% in ARKW, and 7.3% in ARKF, with a value of about $355 million, $67 million, and $60 million respectively.

A Bitfinex analyst told The Block that the US presidential debate on Tuesday night turned into a "Sell-the-news" event, triggering risk-off sentiment in the cryptocurrency market, as the market generally felt that Donald Trump's performance against Kamala Harris was not impressive.