February 25, 2024 10:07 pm

Cathie Wood’s ARK capitalizes on SoFi’s crypto exit, investing $1.5M in SOFI shares

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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. 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 seen by Cointelegraph. 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.

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 Blockchain.com.

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.

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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. SoFi shares have gradually declined since then, dropping below $7 in mid-November.

SoFi Technologies shares’ year-to-date price chart. Source: TradingView

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 United Kingdom 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.

ARK did not immediately respond to Cointelegraph’s request for comment.

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