According to Cointelegraph: Bitcoin proponent Cathie Wood's investment firm, ARK Invest, procured nearly $1.5 million of SoFi Technologies (SOFI) shares on November 29, coinciding with SoFi's declared departure from cryptocurrency services. ARK's acquisition comprises 200,275 SOFI shares, earmarked for its ARK Fintech Innovation ETF (ARKF), based on a trade notification cited by Cointelegraph.
SoFi Technologies confirmed its plans to terminate its cryptocurrency services by December 19, 2023. The online personal finance company urged customers to shift their crypto holdings to the online crypto wallet, Blockchain.com.
ARK has consistently accumulated SoFi shares throughout the year, registering a total of 1,772,991 SOFI for ARKF. At present, ARKF’s portfolio's SoFi stake is valued at approximately $13 million, despite some price volatility experienced by SoFi stock in 2023.
Simultaneously, ARK has been investing significantly in Robinhood (HOOD) shares and acquired 221,759 HOOD on November 29. Robinhood, a prominent trading platform in the United States, announced plans to extend its operations to the United Kingdom on November 30.
Interestingly, while ARK has been increasing its holdings in SoFi and Robinhood, it has been offloading the Coinbase (COIN) stock. ARK disposed of nearly 38,000 COIN shares from its ARKF ETF, totaling close to $5 million, on November 29.
