ARK Invest Continues to Diversify Its Crypto Portfolio

By: Isha Das

ARK Invest, led by renowned Bitcoin supporter Cathie Wood, continues its diversification within the crypto industry. The investment firm recently purchased about $1.5 million in shares of SoFi Technologies on the same day SoFi announced its decision to conclude its cryptocurrency services by the close of 2023. Customers have been encouraged to transfer their cryptocurrencies to online wallet Blockchain.com.

ARK Invest has been consistently accumulating SoFi stocks throughout 2023 despite the company's declining stocks since mid-year. The total acquisition nears 1,772,991 SoFi shares for the ARK Fintech Innovation ETF, amounting to an estimated $13 million at present rates.

In addition to SoFi, ARK has also shown interest in Robinhood. The firm bagged 221,759 shares of the online brokerage, which is popular for trading cryptocurrencies. Meanwhile, ARK continues to divest from Coinbase, selling approximately 38,000 shares recently.

This continuous diversification illustrates ARK's dynamic approach to investing in the volatile crypto market.