ARK Invest Continues to Invest in SoFi and Robinhood, Sells Coinbase Shares - Latest cryptocurrency news

ARK Invest Continues to Invest in SoFi and Robinhood, Sells Coinbase Shares

ARK Invest, founded by Cathie Wood and known for its recent transactions, is attracting attention. After SoFi Technologies announced its exit from the crypto market, the company purchased approximately $1.5 million worth of shares on November 29th. While ARK Invest continues to buy Robinhood (HOOD) shares, it continues to sell Coinbase (COIN) shares.

On November 29th, ARK Invest purchased 200,275 SOFI shares for the Fintech Innovation ETF. According to TradingView data, this amount is valued at $1.47 million in total, with a value of $7.35 per share. This purchase by ARK Invest coincides with SoFi Technologies’ official announcement that it will suspend its crypto services at the end of 2023.

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According to SoFi’s decision to suspend its crypto services, it is recommending its customers to transfer their crypto assets to the online wallet Blockchain.com. ARK has regularly purchased SoFi shares throughout the year and has acquired a total of 1,772,991 SOFI shares for the ARKF fund so far. The fund’s SoFi shares are valued at approximately $13 million at current prices.

SoFi shares fluctuated in 2023, rising from $4.5 at the beginning of the year to $11.45 in July. After this date, SoFi shares gradually declined and fell below $7 in mid-November.

In addition to the SoFi purchases, ARK Invest continued its investment in Robinhood by purchasing an additional 221,759 HOOD shares on November 29th. Robinhood’s trading app allows for the buying and selling of cryptocurrencies such as Bitcoin in the US. The platform announced that it will expand its services in the UK on November 30th, but did not provide any clarification on whether crypto assets will be part of the offering.

While purchasing SoFi and Robinhood shares, ARK Invest continues to sell Coinbase shares. On November 29th, ARK sold approximately 38,000 COIN shares from the ARKF ETF fund, generating approximately $5 million in cash.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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