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HomeNewsCathie Wooden’s ARK buys $1.5M SOFI shares as SoFi exits crypto

Cathie Wooden’s ARK buys $1.5M SOFI shares as SoFi exits crypto

ARK Make investments, a cryptocurrency funding agency based by Bitcoin (BTC) advocate Cathie Wooden, purchased about $1.5 million of SoFi Applied sciences (SOFI) shares on Nov. 29, the day the latter introduced its exit from crypto.

On Nov. 29, ARK purchased 200,275 SOFI shares to allocate to its ARK Fintech Innovation ETF (ARKF), in line with a commerce notification seen by Cointelegraph. The quantity is price $1.47 million, primarily based on SOFI’s closing worth on Nov. 29, or $7.35 a share, in line with knowledge from TradingView.

ARK’s newest SOFI buy got here on the day SoFi Applied sciences formally introduced its choice to terminate cryptocurrency providers by Dec. 19, 2023.

“After cautious consideration, we’ve made the choice to discontinue our crypto providers by the tip of this 12 months,” SoFi mentioned, directing its clients emigrate their crypto holdings to the web crypto pockets Blockchain.com.

ARK has been actively shopping for SoFi shares all year long, shopping for a complete of 1,772,991 SOFI for ARKF to this point. ARKF’s SoFi publicity is price round $13 million at at the moment’s costs.

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SoFi inventory has seen some volatility in 2023, surging to $11.45 in July after beginning the 12 months at simply $4.5. SoFi shares have been step by step declining since then, dropping under $7 in mid-November.

SoFi Applied sciences (SOFI) shares’ year-to-date worth chart. Supply: TradingView

Along with shopping for SoFi, ARK has been actively shopping for Robinhood (HOOD) shares, bagging 221,759 HOOD on Nov. 29. Robinhood’s buying and selling app permits one to purchase and commerce cryptocurrencies like Bitcoin in the US. The platform formally introduced plans to develop its enterprise into the U.Ok. on Nov. 30, with out mentioning whether or not cryptocurrency can be a part of the providing.

Whereas shopping for SoFi and Robinhood, ARK has continued to promote the Coinbase (COIN) inventory. On Nov. 29, ARK bought round 38,000 COIN shares from the ARKF ETF, totaling practically $5 million.

ARK didn’t instantly reply to Cointelegraph’s request for remark.

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