Cathie Wood’s ARK buys $1.5M SOFI shares as SoFi exits crypto

ARK Invest, a cryptocurrency concern steadfast founded by Bitcoin (BTC) advocator Cathie Wood, bought astir $1.5 cardinal of SoFi Technologies (SOFI) shares connected Nov. 29, the time the second announced its exit from crypto.

On Nov. 29, ARK bought 200,275 SOFI shares to allocate to its ARK Fintech Innovation ETF (ARKF), according to a commercialized notification seen by Cointelegraph. The magnitude is worthy $1.47 million, based connected SOFI’s closing terms connected Nov. 29, oregon $7.35 a share, according to information from TradingView.

ARK’s latest SOFI acquisition came connected the time SoFi Technologies officially announced its determination to terminate cryptocurrency services by Dec. 19, 2023.

“After cautious consideration, we’ve made the determination to discontinue our crypto services by the extremity of this year,” SoFi said, directing its customers to migrate their crypto holdings to the online crypto wallet Blockchain.com.

ARK has been actively buying SoFi shares passim the year, buying a full of 1,772,991 SOFI for ARKF truthful far. ARKF’s SoFi vulnerability is worthy astir $13 cardinal astatine today’s prices.

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SoFi banal has seen immoderate volatility successful 2023, surging to $11.45 successful July aft starting the twelvemonth astatine conscionable $4.5. SoFi shares person been gradually declining since then, dropping beneath $7 successful mid-November.

SoFi Technologies (SOFI) shares’ year-to-date terms chart. Source: TradingView

In summation to buying SoFi, ARK has been actively buying Robinhood (HOOD) shares, bagging 221,759 HOOD connected Nov. 29. Robinhood’s trading app allows 1 to bargain and commercialized cryptocurrencies similar Bitcoin successful the United States. The level officially announced plans to grow its concern into the U.K. connected Nov. 30, without mentioning whether cryptocurrency would beryllium portion of the offering.

While buying SoFi and Robinhood, ARK has continued to merchantability the Coinbase (COIN) stock. On Nov. 29, ARK sold astir 38,000 COIN shares from the ARKF ETF, totaling astir $5 million.

ARK did not instantly respond to Cointelegraph’s petition for comment.

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