ARK Invest, a cryptocurrency investment firm founded by Bitcoin advocate Cathie Wood, has purchased approximately $1.5 million worth of SoFi Technologies (SOFI) shares. This purchase coincided with SoFi's announcement of its exit from the cryptocurrency market.
ARK Invest's Latest Purchase
On November 29th, ARK Invest bought 200,275 SOFI shares to add to its ARK Fintech Innovation ETF (ARKF), according to a trade notification seen by Cointelegraph. Based on SOFI's closing price on that day, the total value of the shares is estimated to be $1.47 million, or $7.35 per share.
SoFi's Decision to Exit Crypto
SoFi Technologies officially declared its decision to terminate cryptocurrency services by December 19, 2023. In a statement, SoFi explained that after careful consideration, they have decided to discontinue their crypto services and advised customers to transfer their crypto holdings to the online crypto wallet Blockchain.com.
ARK's Ongoing Investment in SOFI
ARK Invest has been actively purchasing SoFi shares throughout the year, acquiring a total of 1,772,991 SOFI shares for ARKF. At today's prices, ARKF's exposure to SoFi is valued at approximately $13 million.
Volatility in SoFi Stock
SoFi stock has experienced some fluctuations in 2023. It reached a high of $11.45 in July, starting the year at just $4.5. However, the stock has gradually declined since then, falling below $7 in mid-November.
ARK's Investments in Robinhood and Coinbase
In addition to purchasing SoFi shares, ARK Invest has also been actively acquiring Robinhood (HOOD) shares. On November 29th, ARK bought 221,759 HOOD shares. Meanwhile, ARK has been selling Coinbase (COIN) stock, with around 38,000 COIN shares sold from the ARKF ETF on the same day, totaling nearly $5 million.
ARK Invest has not yet responded to Cointelegraph's request for comment regarding these recent transactions.
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