RAI Finance

ARK Invest, a cryptocurrency investment firm founded by Bitcoin advocate Cathie Wood, bought about $1.5 million of SoFi Technologies (SOFI) shares on Nov. 29, the day the latter announced its […]
The post Cathie Wood’s ARK Bought $1.5M SOFI Shares As SoFi Exits Crypto appeared first on BitcoinWorld.

Cathie Wood’s ARK Bought $1.5M SOFI Shares As SoFi Exits Crypto


                        
                    
                                    Cathie Wood’s ARK has been actively accumulating shares of SoFi, which announced plans to terminate crypto services by the end of 2023.
                    ARK Invest, a cryptocurrency investment firm founded by Bitcoin (BTC) advocate Cathie Wood, bought about $1.5 million of SoFi Technologies (SOFI) shares on Nov. On Nov. 29, or $7.35 a share, according to data from TradingView.ARK’s latest SOFI purchase came on the day SoFi Technologies officially announced its decision to terminate cryptocurrency services by Dec. “After careful consideration, we’ve made the decision to discontinue our crypto services by the end of this year,” SoFi said, directing its customers to migrate their crypto holdings to the online crypto wallet Blockchain.com.ARK has been actively buying SoFi shares throughout the year, buying a total of 1,772,991 SOFI for ARKF so far. Related: Binance will end support for BUSD stablecoin in DecemberSoFi stock has seen some volatility in 2023, surging to $11.45 in July after starting the year at just $4.50. SoFi Technologies shares’ year-to-date price chart. Source: TradingViewIn addition to buying SoFi, ARK has been actively buying Robinhood (HOOD) shares, bagging 221,759 HOOD on Nov. The platform officially announced plans to expand its business into the United Kingdom on Nov. While buying SoFi and Robinhood, ARK has continued to sell the Coinbase (COIN) stock. Read more

Cathie Wood’s ARK buys $1.5M SOFI shares as SoFi exits crypto


                    
                    Cathie Wood’s ARK has been actively accumulating shares of SoFi, which announced plans to terminate crypto services by the end of 2023.
                    ARK Invest, a cryptocurrency investment firm founded by Bitcoin (BTC) advocate Cathie Wood, bought about $1.5 million of SoFi Technologies (SOFI) shares on Nov. 29, the day the latter announced its exit from crypto.On Nov. 29, ARK bought 200,275 SOFI shares to allocate to its ARK Fintech Innovation ETF (ARKF), according to a trade notification seen by Cointelegraph. The amount is worth $1.47 million, based on SOFI’s closing price on Nov. 29, or $7.35 a share, according to data from TradingView.ARK’s latest SOFI purchase came on the day SoFi Technologies officially announced its decision to terminate cryptocurrency services by Dec. 19, 2023.“After careful consideration, we’ve made the decision to discontinue our crypto services by the end of this year,” SoFi said, directing its customers to migrate their crypto holdings to the online crypto wallet Blockchain.com.ARK has been actively buying SoFi shares throughout the year, buying a total of 1,772,991 SOFI for ARKF so far. ARKF’s SoFi exposure is worth around $13 million at today’s prices.Related: Binance will end support for BUSD stablecoin in DecemberSoFi stock has seen some volatility in 2023, surging to $11.45 in July after starting the year at just $4.5. SoFi shares have been gradually declining since then, dropping below $7 in mid-November.SoFi Technologies (SOFI) shares’ year-to-date price chart. Source: TradingViewIn addition to buying SoFi, ARK has been actively buying Robinhood (HOOD) shares, bagging 221,759 HOOD on Nov. 29. Robinhood’s trading app allows one to buy and trade cryptocurrencies like Bitcoin in the United States. The platform officially announced plans to expand its business into the U.K. on Nov. 30, without mentioning whether cryptocurrency would be part of the offering.While buying SoFi and Robinhood, ARK has continued to sell the Coinbase (COIN) stock. On Nov. 29, ARK sold around 38,000 COIN shares from the ARKF ETF, totaling nearly $5 million.ARK did not immediately respond to Cointelegraph’s request for comment.Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in

With numerous industry leaders’ stocks hitting their new 52-week highs in the previous days, SoFi Technologies (NASDAQ: SOFI) shares recorded … Continued
The post Jim Cramer is bullish on SOFI stock and ‘remains a buyer’ appeared first on Finbold.

Jim Cramer is bullish on SOFI stock and ‘remains a buyer’


                    
                    Cathie Wood’s ARK Invest has sold another 43,956 Coinbase shares as the stock hits an 18-month high at $119.7 per share.
                    ARK Invest, one of the companies that filed an application for a spot Bitcoin (BTC) exchange-traded fund (ETF), is again taking profits on its Coinbase (COIN) shares as the stock price surges.On Nov. 27, ARK sold 43,956 Coinbase shares from its ARK Fintech Innovation ETF (ARKF), according to a trade notification seen by Cointelegraph. Coinbase stock reached $119.7 per share at the time of the sale, giving the transaction a value of $5.3 million, data from TradingView shows.Coinbase crypto exchange has seen its shares jump to an 18-month high after rival exchange Binance and its former CEO Changpeng Zhao pleaded guilty to money laundering and sanctions violations in the United States on Nov. 21, 2023.According to data from TradingView, Coinbase stock is up 168% over the past year, surging more than 220% since January 2023. The stock is still down about 70% from its all-time high of $319 posted in September 2021, or a few months after its trading launch in April 2021.Coinbase (COIN) price chart over the past year. Source: TradingViewARK has been repeatedly selling Coinbase stocks throughout 2023. Cathie Wood’s investment firm previously offloaded 63,675 COIN shares in October from its ARK Next Generation Internet ETF (ARKW), totaling $5.1 million.ARK was also actively selling Coinbase shares in July 2023, when the stock was trading around $90. According to ARK’s trading data, the firm off-loaded more than $103 million in Coinbase shares in July.ARK has also been actively selling off Grayscale Bitcoin Trust (GBTC) stock. On Nov. 24, the ARKW dumped 94,624 GBTC shares for roughly $3 million after selling nearly 700,000 GBTC shares in one month.According to Bloomberg’s ETF analyst Eric Balchunas, ARK’s sales of GTBC are not an indication that the firm is not bullish on Bitcoin, or making room for its upcoming spot Bitcoin ETF, the ARK Invest and 21Shares (ARKB). “Neither is true,” Balchunas wrote on X (formerly Twitter) on Nov. 27, referring to his previous observations that ARK was likely selling winners and vice-versa to maintain desired weightings.Related: Binance charges prove ‘following the rules’ was the right decision — Coinbase CEO“Since GBTC is up 76% since August ARK has to sell many shares to keep a 9%-ish weighting. And even with that selling, its weighting has gone up,” the ETF analyst noted.While selling Coinbase and GBTC, ARK has concurrently been bagging some crypto-related stocks. On Nov. 27, ARKF acquired 252,421 shares of the crypto-friendly banking app SoFi. Year to date, ARK bought a total of 1.6 million SOFI shares, worth $11 million at today’s prices, according to TradingView. ARK has also been accumulating shares of the crypto-friendly investment app Robinhood, buying $1.1 million worth of the stock on Nov. 8.Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?

ARK offloads $5.2M in Coinbase stock amid 18-month high

Bitcoin