ARK Invest, a cryptocurrency investment firm founded by Bitcoin (BTC) advocate Cathie Wood, purchased approximately $1.5 million worth of SoFi Technologies (SOFI) stock on November 29, the same day the latter announced its exit from the cryptocurrency space.
On Nov. 29, ARK purchased 200,275 SOFI shares allocated to its ARK Fintech Innovation ETF (ARKF), according to transaction notifications seen by Cointelegraph. Based on SOFI’s closing price on November 29, which was $7.35 per share, the amount was worth $1.47 million, according to Data from TradingView.
ARK’s latest SOFI acquisition occurred on the day SoFi Technologies officially announced its decision to terminate cryptocurrency services by December 19, 2023.
SoFi said: “After careful consideration, we have decided to discontinue our crypto services by the end of the year,” and instructed its customers to migrate their cryptocurrency holdings to the online crypto wallet Blockchain.com.
ARK has been actively purchasing SoFi stock throughout the year, purchasing a total of 1,772,991 shares of SOFI for ARKF to date. At today’s prices, ARKF’s SoFi value at risk is approximately $13 million.
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SoFi stock has seen some volatility in 2023, starting the year at just $4.50 but surging to $11.45 in July. Since then, SoFi’s stock price has gradually declined, falling below $7 in mid-November.
In addition to buying SoFi, ARK is also actively buying Robinhood (HOOD) stock, purchasing 221,759 HOOD on November 29. Robinhood’s trading app allows people to buy and trade cryptocurrencies such as Bitcoin in the United States. The platform officially announced plans to expand its operations to the UK on November 30, but did not mention whether cryptocurrencies would be part of the product.
Alongside its purchases of SoFi and Robinhood, ARK has also continued to sell shares of Coinbase (COIN). On November 29, ARK sold approximately 38,000 COIN shares in the ARKF ETF for a total value of nearly $5 million.
ARK did not immediately respond to Cointelegraph’s request for comment.
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