ARK Invest Purchases $1.5 Million of SoFi Shares After Crypto Exit
ARK Invest, the cryptocurrency investment firm founded by Bitcoin advocate Cathie Wood, recently acquired approximately $1.5 million worth of SoFi Technologies shares on November 29th, the same day SoFi announced its departure from the crypto industry.
ARK’s Investment in SoFi
According to a trade notification, ARK bought 200,275 SOFI shares for its ARK Fintech Innovation ETF (ARKF). Based on SOFI’s closing price that day, the investment is valued at $1.47 million or $7.35 per share.
SoFi’s Decision to Exit Crypto
SoFi Technologies officially declared its plan to discontinue cryptocurrency services by December 19, 2023. Customers were advised to transfer their crypto assets to the online wallet provider Blockchain.com.
ARK’s Ongoing Investment in SoFi
ARK has been consistently purchasing SoFi shares throughout the year and has accumulated a total of 1,772,991 SOFI for ARKF. The current value of ARKF’s SoFi exposure stands at approximately $13 million.
ARK’s Activity in the Market
In addition to buying SoFi shares, ARK has also been acquiring Robinhood shares. On November 29th, they purchased 221,759 HOOD shares. While expanding its business into the United Kingdom, Robinhood did not specify whether it would include cryptocurrency trading.
Conversely, ARK has been selling Coinbase stock and sold around 38,000 COIN shares from the ARKF ETF on November 29th, totaling nearly $5 million.
Hot Take: ARK Invest Continues to Make Strategic Moves in the Market
ARK Invest, led by Cathie Wood, demonstrates its investment strategy by purchasing SoFi and Robinhood shares while selling off Coinbase. This move indicates ARK’s confidence in the fintech sector despite SoFi’s exit from crypto. With ongoing investments and a diverse portfolio, ARK Invest continues to position itself as a key player in the cryptocurrency market.
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