SoFi Is Officially Back in the Crypto Game. What Investors Should Know.

SoFi Technologies CEO Anthony Noto described cryptocurrency as “a better technology we can drive more innovation from.” (David Paul Morris / Bloomberg)

Key Points

• SoFi Technologies launched SoFi Crypto, enabling customers to buy, sell, and hold various digital currencies.
• SoFi is the first national chartered consumer bank to offer crypto services, resuming them after a 2023 suspension.
• The company plans to launch its own stablecoin by 2026 and recently hiked its full-year guidance.

Cryptocurrency has officially made its return to SoFi Technologies .

The company on Tuesday announced the launch of SoFi Crypto, a platform allowing customers to buy, sell, and hold dozens of digital currencies including Bitcoin, Ethereum, and Solana. A phased rollout begins today and will extend to more members over the coming weeks, SoFi said.

“With today’s launch, we are now the first and only nationally chartered bank to offer crypto trading to individuals,” CEO Anthony Noto told Barron’s.

The company is “uniquely positioned” to respond to the evolving needs of its clients, he added.

The fintech had been hinting at the news for months. Noto told Barron’s in October that the company was planning to bring crypto investing back to its platform before the end of the year.

“The blockchain allows us to create new channels for sending payments that are cheaper, faster, and safer,” Noto said at the time. He described crypto as “a better technology we can drive more innovation from.”

The fintech made a foray into crypto trading in 2019, but was forced to suspend the services in 2023 as a condition of receiving a national bank charter. Since then, the Trump administration has moved to aggressively pursue crypto-friendly overhauls.

In March, the Office of the Comptroller of the Currency published a notice saying that crypto-asset custody and “certain stablecoin activities” were allowed within the federal banking system. Months later, the GENIUS Act was signed into law, laying out a framework for the regulation of so-called payment stablecoins.

Now, SoFi is back in the game. In August, the company unveiled a collaboration with the privately held Lightspark to launch a “blockchain-powered remittances service.” Last month, Noto indicated the company would launch a stablecoin, a crypto pegged to the U.S. dollar, by 2026.

“Our stablecoin will be available to purchase at retail, it’ll be used by businesses on B2B payments, and we’ll leverage it on our platform services,” Noto said.

The fintech raised its full-year financial guidance for the second time this year on Oct. 28. Third-quarter adjusted earnings came in at 11 cents a share, topping analysts’ calls for 8 cents, while adjusted net revenue of $950 million beat forecasts of $889 million.

Shares slipped 0.1% following Tuesday’s announcement. Fintech peers Affirm Holdings and Block were down 2% and 1.4%, respectively.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com