Cathy Wood’s ARK invests $1.5M in SOFI Cryptocurrency
ARK Invest, a cryptocurrency investment firm founded by Bitcoin (BTC) advocate Cathy Wood, bought SoFi Technologies (SOFI) shares for about $1.5 million on November 29, the day the latter announced its exit from crypto.
On November 29, ARK bought 200,275 SOFI shares for the ARK Fintech Innovation ETF (ARKF), according to a trade announcement seen by Cointelegraph. The fund had $1.47 million, or $7.35 a share, based on SOFI's closing price on Nov. 29, according to data from TradingView.
ARK's latest purchase of SOFI comes on the same day that SoFi Technologies officially announced its decision to discontinue cryptocurrency services until December 19, 2023.
“After careful consideration, we have decided to discontinue our crypto service at the end of this year,” Sophie said, instructing customers to transfer their crypto holdings to the online crypto wallet Blockchain.com.
ARK actively purchased SoFi shares during the year and purchased a total of 1,772,991 SOFI for ARKF. ARKF's exposure to SoFi is worth about $13 million at today's prices.
Related: Binance will end support for BUSD stablecoin in December
SoFi stock has seen some volatility in 2023, rising to $11.45 in July after starting the year at just $4.50. Since then, Sophie's shares have declined steadily, falling below $7 in mid-November.
In addition to buying Sophie, ARK also actively bought shares of Robinhood (HOOD) for 221,759 HOOD on November 29. Robinhood's trading app allows one to buy and trade cryptocurrencies like Bitcoin in the US. The platform officially plans to expand its business to the United Kingdom on November 30, without mentioning whether it will be part of the cryptocurrency offering.
While SoFi and Robinhood are buying, ARK continues to sell Coinbase (COIN) stock. In the year On November 29, ARK sold about 38,000 COIN shares from the ARKF ETF, for a total of $5 million.
ARK did not immediately respond to Cointelegraph's comment.
Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in.
