Cathie Wood’s ARK capitalizes on SoFi’s crypto exit, investing $1.5M in SOFI shares
Cathie Wood’s ARK has been actively accumulating shares of SoFi, which announced plans to terminate crypto services by the end of 2023.
ARK Invest, a cryptocurrency investment firm founded by Bitcoin (BTC) advocate Cathie Wood, bought about $1.5 million of SoFi Technologies (SOFI) shares on Nov.
On Nov. 29, or $7.35 a share, according to data from TradingView.
ARK’s latest SOFI purchase came on the day SoFi Technologies officially announced its decision to terminate cryptocurrency services by Dec.
“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 Blockchain.com.
ARK has been actively buying SoFi shares throughout the year, buying a total of 1,772,991 SOFI for ARKF so far.
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SoFi stock has seen some volatility in 2023, surging to $11.45 in July after starting the year at just $4.50.
In addition to buying SoFi, ARK has been actively buying Robinhood (HOOD) shares, bagging 221,759 HOOD on Nov. The platform officially announced plans to expand its business into the United Kingdom on Nov.
While buying SoFi and Robinhood, ARK has continued to sell the Coinbase (COIN) stock.
