SoFi Bank’s Crypto Holdings Surge to $170 Million, Including $ADA and $DOGE

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San Francisco-based banking institution SoFi has recently revealed in its second quarter earnings report that its cryptocurrency holdings have surged to near $170 million, with Bitcoin ($BTC), Ethereum ($ETH), Dogecoin ($DOGE) and Cardano ($ADA) making up its largest holdings.

The bank, which serves over six million clients, revealed that out of a total of $166 million in cryptocurrency holdings, $82 million are in Bitcoin, while $55 million are in the second-largest digital currency by market capitalization Ethereum. Around $4.5 million are in Cardano, while $4.9 million are in the meme-inspired cryptocurrency Dogecoin ($DOGE).

SoFi’s second-quarter earnings report has also revealed it holds $2.1 million worth of Solana ($SOL), $3.5 million in Litecoin ($LTC), and $2.9 million in Ethereum Classic ($ETC), as well as over $10 million in other digital assets.

An investor presentation further underscored SoFi’s robust growth in this sector. Over half a million new clients were onboarded, and the bank now facilitates trading for more than 22 digital currencies.

The bank doesn’t just hold digital assets, but allows its users to buy and sell them, although it doesn’t offer staking services. SoFi first started offering cryptocurrency services to its users in September 2019 via a partnership with the Nasdaq-listed cryptocurrency exchange Coinbase.

SoFi notably only officially became a bank in February 2022 after it secured a banking license, positioning itself as one of the rare traditional banks to venture into the cryptocurrency space.

Tensions rose last year after a U.S. Senate committee raised concerns regarding SoFi’s adherence to banking regulations, reminding it of an impending January 2024 deadline. US lawmakers have been notably hostile toward digital assets after the collapse of FTX, with the Securities and Exchange Commission (SEC) filing lawsuits against leading exchanges Binance and Coinbase.

Featured image via Unsplash.

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