Bitcoin

Cathie Wood’s ARK Invests $1.5M in SoFi as Crypto Takes a Backseat

ARK Invest Buys $1.5 Million Worth of SoFi Technologies Shares Amidst Crypto Exit

ARK Invest, a cryptocurrency investment firm founded by Bitcoin advocate Cathie Wood, recently purchased approximately $1.5 million worth of SoFi Technologies (SOFI) shares on November 29th. This investment came on the same day that SoFi Technologies announced its decision to exit the cryptocurrency market.

According to a trade notification seen by Cointelegraph, ARK bought 200,275 SOFI shares on November 29th, allocating them to its ARK Fintech Innovation ETF (ARKF). Based on SOFI’s closing price on that day, which was $7.35 per share, the total investment amounted to $1.47 million.

SoFi Technologies confirmed its plans to terminate cryptocurrency services by December 19, 2023. The company encouraged its customers to migrate their crypto holdings to the online crypto wallet, Blockchain.com.

ARK has been actively investing in SoFi throughout the year, accumulating a total of 1,772,991 SOFI shares for ARKF. As of today’s prices, ARKF’s SoFi exposure is valued at approximately $13 million.

In addition to purchasing SoFi shares, ARK has also been acquiring Robinhood (HOOD) shares. On November 29th, ARK bought 221,759 HOOD shares. Robinhood’s trading app enables users to buy and trade cryptocurrencies like Bitcoin in the United States. The platform recently announced plans to expand its business into the U.K. without specifying whether cryptocurrency trading would be included.

While increasing its holdings in SoFi and Robinhood, ARK has been selling shares of Coinbase (COIN). On November 29th, ARK sold around 38,000 COIN shares from the ARKF ETF, totaling nearly $5 million.

ARK Invest has not yet provided a comment regarding these recent investments.

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