Ark Invest buys more Coinbase as shares plunge 10% in wider market rout
Cathie Wood-led investment firm Ark Invest bought additional shares of Coinbase on Thursday but trimmed its holdings in Bullish and Bitmine amid a sharp sell-off in U.S. technology stocks.According to its latest trading disclosure, Ark bought 17,806 shares of Coinbase, worth $2.44 million, through its Ark Innovation ETF on Thursday. The firm also sold 109,522 shares of Bullish, worth $2.27 million, and 119,841 Bitmine shares, worth $2.28 million, via its ETFs.Ark's move came as major U.S. technology stocks plummeted in a market rout that erased post-election gains. The tech-heavy Nasdaq Composite index closed down 5.52%, posting its worst day since April 2025, according to CNN. The S&P 500 lost 4.36%, and the Dow Jones Industrial Average dropped 3.44%.Coinbase lost 9.69% to close at $136.82 on Thursday. Bullish shares fell 10.46%, while Bitmine slumped 12.56%.AI stocks plungeAI-related equities were among the hardest hit, as Democrats' midterm election victory sparked fears of a potential slowdown in AI development. Nvidia shares fell 9.26%, wiping out their gains for the year. AMD plunged 17.26% but remained up 81% year-to-date. SpaceX dropped 9%.Amid the sell-off, Ark purchased 252,592 Nvidia shares, worth $45.9 million, and 48,984 AMD shares, worth $19.8 million. The firm also added 393,774 SpaceX shares, worth $48.7 million, according to its trading disclosure.The sell-off extended into Asian markets on Friday morning. South Korea's Kospi was down 3.6% around noon after plunging nearly 9% earlier in the day, triggering a brief trading halt. Japan's Nikkei 225 dropped 5.3% during the morning session.Meanwhile, bitcoin (BTC) traded down 5.8% over the past 24 hours at $75,908 as of 11:20 p.m. ET Thursday, after falling to around $75,350 in a local low earlier in the day. Ethereum (ETH) dropped 8.2% to $2,234, according to The Block's crypto price page.