SoFi Reports $170 Million in Cryptocurrency Holdings in Q2 Earnings
San Francisco-based banking institution SoFi has announced in its Q2 earnings report that its cryptocurrency holdings have reached nearly $170 million. Its largest holdings include Bitcoin, Ethereum, Dogecoin, and Cardano.
Main Breakdown:
- SoFi holds a total of $166 million in cryptocurrency.
- $82 million is in Bitcoin, while $55 million is in Ethereum.
- Cardano holds $4.5 million, and Dogecoin has $4.9 million in holdings.
- Additional holdings include Solana, Litecoin, Ethereum Classic, and other digital assets.
- SoFi has over half a million new clients and facilitates trading for more than 22 digital currencies.
SoFi’s Expansion in the Cryptocurrency Space
SoFi not only holds digital assets but also allows users to buy and sell them. Since 2019, SoFi has offered cryptocurrency services through a partnership with Coinbase. In February 2022, SoFi officially became a bank after obtaining a banking license.
Tensions and Regulations
Last year, SoFi faced scrutiny from a U.S. Senate committee regarding its compliance with banking regulations. The SEC’s lawsuits against Binance and Coinbase have intensified lawmakers’ hostility toward digital assets. SoFi, however, continues to grow and expand its presence in the cryptocurrency space.
Hot Take: SoFi’s substantial cryptocurrency holdings demonstrate its commitment to the digital asset market. As more traditional banks enter the cryptocurrency space, the industry’s legitimacy and mainstream adoption continue to grow.
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