ARK Invest, the cryptocurrency investment firm led by prominent Bitcoin advocate Cathie Wood, made a significant investment move on November 29th, acquiring approximately $1.5 million worth of SoFi Technologies (SOFI) shares.
This strategic move occurred on the same day that SoFi Technologies made a surprising announcement, revealing its exit from the cryptocurrency market.
ARK Invest purchased a total of 200,275 SOFI shares on November 29th, earmarking them for inclusion in its ARK Fintech Innovation ETF (ARKF).
Based on the closing price of SOFI on that day, which stood at $7.35 per share according to TradingView data, the investment was valued at approximately $1.47 million.
SoFi Technologies officially confirmed its decision to terminate its cryptocurrency services by December 19, 2023, a move that garnered attention and speculation in the crypto community.
The company stated, “After careful consideration, we’ve made the decision to discontinue our crypto services by the end of this year.”
They encouraged their customers to migrate their crypto assets to the online crypto wallet provided by Blockchain.com.
Throughout the year, ARK Invest has been actively accumulating SoFi shares, amassing a total of 1,772,991 SOFI shares for ARKF.
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This investment currently represents a value of around $13 million at current market prices.
SoFi’s stock has experienced notable volatility in 2023, reaching a peak of $11.45 in July, compared to its starting price of just $4.50 at the beginning of the year.
However, it gradually declined, falling below $7 in mid-November.
In addition to their investment in SoFi, ARK Invest also purchased 221,759 shares of Robinhood (HOOD) on the same day, November 29th.
Robinhood’s trading platform allows users to buy and trade cryptocurrencies like Bitcoin in the United States.
Interestingly, Robinhood unveiled its plans for expansion into the United Kingdom on November 30th, though it did not specify whether cryptocurrency offerings would be part of the expansion.
Simultaneously with these purchases, ARK Invest has continued to divest from Coinbase (COIN) stock.
On November 29th, they sold approximately 38,000 COIN shares from the ARKF ETF, amounting to nearly $5 million.
Despite these significant investment moves, ARK Invest has yet to provide a comment or response to inquiries from Cointelegraph regarding their strategy and rationale for these transactions.
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