Cathie Wood’s ARK buys $1.5M SOFI shares as SoFi exits crypto
Cathie Wood’s ARK has been actively accumulating shares of SoFi, which announced plans to terminate crypto services by the end of 2023.
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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