Cathie Wood’s ARK Bought $1.5M SOFI Shares As SoFi Exits Crypto
Latest News News

Cathie Wood’s ARK Bought $1.5M SOFI Shares As SoFi Exits Crypto

ARK Invest, a cryptocurrency investment firm founded by Bitcoin advocate Cathie Wood, bought about $1.5 million of SoFi Technologies (SOFI) shares on Nov. 29, the day the latter 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 trade notification. The amount is worth $1.47 million, based on SOFI’s closing price on Nov. 29, or $7.35 a share, according to data from TradingView.

SoFi Technologies (SOFI) shares’ year-to-date price chart


ARK’s latest SOFI purchase came on the day SoFi Technologies officially announced its decision to terminate cryptocurrency services by Dec. 19, 2023.

“After careful consideration, we’ve made the decision to discontinue our crypto services by the end of this year,” SoFi said, directing its customers to migrate their crypto holdings to the online crypto wallet

ARK has been actively buying SoFi shares throughout the year, buying a total of 1,772,991 SOFI for ARKF so far. ARKF’s SoFi exposure is worth around $13 million at today’s prices.

See Also: ARK Invest Sold Another $5.2M In Coinbase Stock Amid 18-month High

SoFi stock has seen some volatility in 2023, surging to $11.45 in July after starting the year at just $4.5. SoFi shares have been gradually declining since then, dropping below $7 in mid-November.

In addition to buying SoFi, ARK has been actively buying Robinhood (HOOD) shares, bagging 221,759 HOOD on Nov. 29. Robinhood’s trading app allows one to buy and trade cryptocurrencies like Bitcoin in the United States. 

The platform officially announced plans to expand its business into the U.K. on Nov. 30, without mentioning whether cryptocurrency would be part of the offering.

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

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.