Here's what Mark Cuban is buying as coronavirus stress continues to sink markets

• Billionaire entrepreneur Mark Cuban told CNBC on Wednesday he's been "putting 1% [to] 1.5% to work on every down day" as coronavirus fears roil the US stock market.
• The investor said he's mostly been buying up Live Nation stock and SPY, an exchange-traded fund that tracks the S&P 500.
• Cuban also sold put and call options, calling the premiums on such trades "just incredible."
• The wild price swings seen day-after-day are starting to form a trading range, Cuban said, adding it seems as though algorithmic trading is returning to the driver's seat.
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Where some see trillions of dollars wiped out as coronavirus concerns drive historic market slumps, Mark Cuban sees an emerging strategy.

The billionaire investor took to CNBC Wednesday morning to reveal he's been "putting in 1%, 1.5% to work on every down day" as intense volatility rocks asset prices. His main purchases have been Live Nation stock and SPY, an exchange-traded fund that tracks the S&P 500. Cuban bought shares in the ticketing company last week as well.

The "Shark Tank" investor also sold some put and call options, noting "the premiums are just incredible."

The whipsawing between market recoveries and declines are starting to form a pattern, Cuban said. The formation of a trading range could bring investors some hope of stability after days of violent sell-offs and uncertainty around where prices could bottom.

"It looks like we're starting to get into a trading range. Up 5%, down 5%, up 5%, down 5%, and I'm not quite sure why," Cuban said. "It felt like for a while we had active management doing all the work and trying to figure things out and now over the last three days it feels like we're starting to get more algorithmic trading coming into the market."

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Cuban's comments arrived before a negative open for US equities. The Dow initially erased all gains made in Tuesday's rebound before slowly paring some losses. Stocks remain deep in bear market territory, with the S&P 500 roughly 28% below its February 19 peak.

Live Nation shares slipped 18.6% as of 11 a.m. ET Wednesday, while SPY was down 5.1%.

Each new trading day is about acquiring the latest outbreak information to better gauge the economic situation, the billionaire said, adding he's in the same boat as retail investors who are just trying to keep up with the news cycle.

"I'm like everyone else. I'll dip my toe in the water hoping that two years from now, this will all be a nightmare that we put behind us and the market will be much higher," Cuban said.

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