02.03.2024

SoFi Bank holds $170 million in crypto

San Francisco-based SoFi Bank, which has over 6.2 million customers, has revealed it holds up to $170 million worth of crypto, Trustnodes reported.

SoFi Bank holds BTC, ETH, DOGE

Per details in the bank’s Q2 earnings report, the holdings include $82 million in Bitcoin (BTC), over $55 million in Ethereum (ETH), $5 million of Dogecoin (DOGE) and $4.5 million of Cardano (ADA).

The filing also showed the bank held $3.5 million worth of Litecoin (LTC), $2.1 million of Solana (SOL) and $2.9 million in Ethereum Classic (ETC) at the end of the quarter.

SoFi Bank did not begin its operations as a bank, but rather transitioned into one after making a strategic acquisition in the US. The company launched its crypto offering in September 2019, but became a bank after its double acquisition of Golden Pacific Bancorp and Golden Pacific Bank in February 2022.

The bank’s growth has seen it add Federal Reserve stocks to its offering. Its crypto products are offered via a partnership with leading US-based crypto exchange Coinbase.

Customers can start trading BTC and other cryptocurrencies with as little as $10. However, its crypto platform is not a crypto wallet and does not support staking.

  • SoFi Bank’s second quarter earnings report indicated crypto holdings of $170 million.
  • It includes Bitcoin, Ethereum, Litecoin, Dogecoin and Cardano.

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