Cathie Wood’s ARK Snags $1.5M SOFI Shares While SoFi Bids Farewell to Crypto

Cathie Wood's ARK Invest Purchases $1.5M in SOFI Shares After SoFi Exits Cryptocurrency Market

ARK Invest, the cryptocurrency investment firm founded by the one and only Bitcoin advocate Cathie Wood, recently made a move that raised some eyebrows. On November 29th, the same day that SoFi Technologies decided to bid farewell to the crypto world, ARK swooped in and bought about $1.5 million worth of SoFi shares. Talk about perfect timing!

Now, let me break it down for you. ARK purchased a whopping 200,275 shares of SoFi, which were added to their ARK Fintech Innovation ETF (ARKF). That’s a cool $1.47 million based on SoFi’s closing price, or $7.35 per share, according to TradingView’s data. It seems like ARK knows a good investment opportunity when they see one, even if it means snagging shares of a company that’s moving away from the crypto space.

SoFi Technologies made it official and pulled out of the crypto game, announcing their decision to terminate their cryptocurrency services by December 19, 2023. They claim it was a carefully considered move, but hey, who are we to judge? Instead, they’re encouraging their customers to migrate their crypto holdings to the online crypto wallet, Blockchain.com. SoFi is basically saying, “Thanks for playing, but go play somewhere else now.”

But hold on, this isn’t ARK’s first rodeo with SoFi. They’ve been on a buying spree all year long, accumulating a total of 1,772,991 SoFi shares for their ARKF. That’s a mind-boggling $13 million worth of exposure to SoFi. Talk about commitment! It’s safe to say that ARK has been betting big on SoFi, and it’ll be interesting to see how this investment pans out.

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Speaking of volatility, SoFi’s stock has been up and down like a rollercoaster ride in 2023. It skyrocketed to $11.45 in July, starting the year at a mere $4.5. But since then, it’s been on a gradual decline, falling below $7 in mid-November. Investors must be holding on tight during this wild ride.

And here’s the cherry on top. While ARK was busy buying up SoFi shares, they also managed to grab themselves a piece of the Robinhood pie. On November 29th, they snatched 221,759 shares of Robinhood. You know, that famous trading app that lets you buy and trade cryptocurrencies like Bitcoin. They even announced plans to expand into the UK, but they conveniently forgot to mention whether they’d still be into the whole crypto thing.

But wait, there’s more. ARK has been making some interesting moves with their stock portfolio. While they were loading up on SoFi and Robinhood shares, they decided to sell around 38,000 shares of Coinbase, raking in nearly $5 million. It’s like a never-ending game of buy and sell for ARK, and they seem to have a knack for making big moves in the crypto world.

I reached out to ARK for a comment, but unfortunately, they’re keeping their cards close to the vest. No response yet, but we’ll keep you posted if we hear anything juicy.

So there you have it. ARK Invest, the trailblazing cryptocurrency investment firm, making waves in the volatile world of digital assets. It’s like watching a high-stakes poker game, where the bets keep getting bigger and the winners take it all. Stay tuned, my fellow investors, because this crypto rollercoaster is far from over.

Now, it’s your turn. What are your thoughts on ARK’s strategy with SoFi and Robinhood? Do you think they’re onto something big, or are they playing with fire? Share your opinions in the comments below and let’s keep the conversation going!

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