ARK Invest, a prominent cryptocurrency investment company established by Bitcoin advocate Cathie Wood, made a substantial acquisition of SoFi Technologies (SOFI) stock worth approximately $1.5 million on November 29, coinciding with SoFi's announcement of its exit from the cryptocurrency domain.
On that day, ARK secured 200,275 shares of SOFI through its ARK Fintech Innovation ETF (ARKF), as evidenced by transaction notifications obtained. The value of this purchase amounted to $1.47 million, based on the closing price of SOFI shares on November 29, evaluated at $7.35 per share according to TradingView data.
This recent acquisition by ARK coincides with SoFi Technologies' official decision to discontinue its cryptocurrency services by December 19, 2023. The company, after careful deliberation, communicated its intent to cease crypto-related operations and advised its clients to transfer their cryptocurrency holdings to the online crypto wallet service Blockchain.com.
ARK has been actively investing in SoFi stock throughout the year, having acquired a cumulative total of 1,772,991 SOFI shares for ARKF up to the present time. At current market prices, the value of SoFi holdings in ARKF is estimated to be around $13 million, underscoring ARK's continued interest in the company.
SoFi stock exhibited notable volatility in 2023, commencing the year at $4.50 and peaking at $11.45 in July. However, the shares experienced a gradual decline thereafter, dipping below $7 in mid-November. Apart from SoFi, ARK also engaged in the purchase of Robinhood (HOOD) stock, securing 221,759 HOOD shares on November 29. Although Robinhood announced its intent to expand operations to the UK on November 30, it did not specify whether cryptocurrencies would be integrated into its offerings.
Additionally, alongside its acquisitions in SoFi and Robinhood, ARK opted to divest Coinbase (COIN) stock on November 29. The firm sold approximately 38,000 COIN shares within the ARKF ETF, totaling a value of nearly $5 million in the transaction.
