After SoFi declared its intention to stop crypto services by the end of 2023, Cathie Wood’s ARK began aggressively buying shares.
ARK Invest, which was established by Bitcoin supporter Cathie Wood, purchased around $1.5 million worth of shares in SoFi Technologies (SOFI) on November 29th, the same day that the company announced its withdrawal from the cryptocurrency market.
An ARK Fintech Innovation ETF (ARKF) transaction notice uncovered by Cointelegraph shows that on November 29th, ARK purchased 200,275 SOFI shares. Based on the closing price of SOFI on November 29th, which was $7.35 per share, as reported by TradingView, the sum is valued at $1.47 million.
The most recent SOFI acquisition by ARK occurred on the same day that SoFi Technologies formally declared its intention to end bitcoin services by December 19, 2023.
“After careful consideration, we’ve decided to discontinue our crypto services by the end of this year,” SoFi said, advising clients to move their cryptocurrency assets to the Blockchain.com online wallet.
As of this writing, ARK has purchased 1,772,991 SOFI for ARKF, continuing its aggressive share purchase strategy from earlier in the year. At today’s pricing, ARKF’s exposure to SoFi is valued at around $13 million.
After opening the year at $4.50, SoFi shares had significant volatility in 2023, soaring to $11.45 in July. Since then, SoFi stock has been steadily falling, eventually falling below $7 in mid-November.
On November 29th, ARK acquired 221,759 shares of Robinhood (HOOD), continuing its aggressive purchasing spree that began with SoFi. In the US, users of the trading software Robinhood may purchase and sell cryptocurrencies like Bitcoin. Without specifying whether cryptocurrencies will be a component of the service, the platform formally announced intentions to extend its operations into the UK on November 30.
Coinbase (COIN) stock has been sold off by ARK while SoFi and Robinhood have been purchased. The ARKF ETF sold around 38,000 COIN shares on November 29th, raising over $5 million for ARK.
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