What Happened?
Shares of digital financial services company SoFi Technologies (NASDAQ: SOFI) rose 1.3% in the morning session after the company announced the launch of SoFi Crypto, making it the first nationally chartered U.S. bank to offer direct cryptocurrency trading to consumers.
The new service allows its members to buy, sell, and hold various digital assets, including popular ones like Bitcoin, Ethereum, and Solana, directly within the SoFi app. This development makes SoFi the only FDIC-insured bank to offer crypto trading alongside traditional banking and investing services in one place. The move, which followed eased regulations from the Office of the Comptroller of the Currency, was seen by investors as a way for the company to generate new fee revenue and increase customer engagement across its platform.
After the initial pop the shares cooled down to $31.35, up 1.2% from previous close.
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What Is The Market Telling Us
SoFi’s shares are extremely volatile and have had 42 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 19 days ago when the stock gained 4.1% on the news that JP Morgan raised its price target on the stock, while broader positive sentiment also lifted financial technology companies. The investment bank maintained its Neutral rating on SoFi but increased its price target to $26.00 from $24.00. The stock also appeared to benefit from a wider rally among its peers. This positive mood in the sector was helped by reports from large banks, like JPMorgan and Bank of America, which showed that consumers continued to spend on their credit and debit cards, suggesting loan demand remained healthy. Furthermore, softer-than-expected inflation data raised hopes that the Federal Reserve would soon cut interest rates. A lower interest rate environment could spur more demand for SoFi's personal and consumer loans.
SoFi is up 122% since the beginning of the year, and at $31.35 per share, it is trading close to its 52-week high of $31.66 from October 2025. Investors who bought $1,000 worth of SoFi’s shares at the IPO in November 2020 would now be looking at an investment worth $2,991.
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