After SoFi announced its 2023 exit from cryptocurrencies, Cathie Wood’s cryptocurrency investment business, ARK Invest, actively bought SoFi Technologies (SOFI) shares on November 29.
ARK Invest bought 200,275 SOFI shares the day SoFi discontinued its bitcoin services. ARK continues to strengthen its SoFi stake with this $1.47 million transaction based on SOFI’s closing price on November 29. ARK’s strategic focus on financial technology advances was highlighted by their purchase of ARK Fintech Innovation ETF (ARKF).
With a date of December 19, 2023, SoFi Technologies announced its cryptocurrency withdrawal. SoFi recommended clients transfer their bitcoin to Blockchain.com’s online wallet in response to this decision.
This year, ARK Invest has been buying SOFI shares. ARK has bought 1,772,991 SOFI shares for ARKF, valued $13 million at market rates.
In 2023, SoFi’s shares rose to $11.45 in July from $4.50 at the start. Eventually, the stock fell below $7 in mid-November.
On November 29, ARK Invest bought 221,759 Robinhood (HOOD) shares in addition to SoFi. Robinhood’s trading software lets US customers buy and sell Bitcoin. On November 30, Robinhood announced its UK expansion intentions, although details about cryptocurrency offers are unknown.
Since ARK Invest has been buying SoFi and Robinhood shares, it has reduced its Coinbase exposure. ARK began selling 38,000 COIN shares from the ARKF ETF on November 29 for over $5 million.
These strategic decisions demonstrate ARK Invest’s dynamic portfolio management, adjusting to market shifts and seizing emerging possibilities in financial technology and cryptocurrency investments.
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