COIN - Cathie Wood Has Been Buying This Stock Hand Over Fist -- and So Have I
2023-12-11 06:07:00 ET
Ark Invest recently bought nearly 180,000 additional shares of fintech innovator SoFi (NASDAQ: SOFI) in the Ark Fintech Innovation ETF (NYSEMKT: ARKF) , and this isn't the first purchase. Ark now owns about 1.9 million shares of SoFi, which makes up 1.5% of the Fintech Innovation ETF's assets.
SoFi has already been a tremendous performer in 2023, with shares up by about 76% year-to-date. However, the stock is still trading for nearly 70% below its 2021 high, despite stellar momentum and near-flawless execution by its management team.
One thing that might seem a little odd about Wood's SoFi purchases is that the company decided to completely exit the cryptocurrency space by the end of 2023. After all, Wood has been a vocal proponent of cryptocurrencies, and leading crypto exchange Coinbase (NASDAQ: COIN) is a top holding of the Fintech Innovation ETF.
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Cathie Wood Has Been Buying This Stock Hand Over Fist -- and So Have I