{"id":546853,"date":"2023-08-11T14:00:08","date_gmt":"2023-08-11T14:00:08","guid":{"rendered":"https:\/\/wncen.com\/?p=546853"},"modified":"2024-06-11T07:08:54","modified_gmt":"2024-06-11T07:08:54","slug":"sofi-bank-holdings-in-btc-eth-doge","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/sofi-bank-holdings-in-btc-eth-doge\/","title":{"rendered":"San Francisco\u2019s SoFi Bank Reveals Significant Holdings In BTC, ETH, And DOGE"},"content":{"rendered":"

San Francisco\u2019s <\/span>SoFi Bank<\/span><\/a>, a rising financial institution with 6.2 million customers, has unveiled its substantial cryptocurrency holdings, demonstrating a proactive embrace of the evolving digital asset landscape.\u00a0<\/span><\/p>\n

BTC, ETH, and DOGE Lead the Way<\/h2>\n

A recent report shows that the bank’s second-quarter earnings totaled $170 million in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).<\/span><\/p>\n

Related Reading: Bittrex, SEC Reach Settlement In Securities Violation Case<\/a><\/div>\n

Among its cryptocurrency investments, SoFi Bank boasts $82 million worth of Bitcoin, solidifying its position in <\/span>\u2018digital gold<\/span><\/a>.\u2019 Ethereum follows closely, with $55 million, showcasing the bank’s belief in the blockchain’s potential.\u00a0<\/span><\/p>\n

The meme-inspired Dogecoin takes the third spot with $5 million, while <\/span>Cardano<\/span><\/a> secures the fourth place with $4.5 million. The bank also diversifies with digital assets like Solana (SOL), Litecoin (LTC), and Ethereum Classic (ETC).<\/span><\/p>\n

\"SoFi<\/p>\n

SoFi Bank's crypto holdings | Source: X<\/a><\/pre>\n
SoFi Bank’s unique proposition lies in its commitment to fee-free cryptocurrency investments, allowing customers to allocate a portion of their direct deposits to digital assets.\u00a0<\/span><\/p>\n
The bank further incentivizes newcomers by offering a $100 crypto bonus upon registration. With a minimum investment threshold as low as $10, the platform fosters accessibility to a variety of cryptocurrencies beyond Bitcoin.<\/span><\/p>\n
While SoFi Bank’s innovative approach to cryptocurrency has garnered attention, it faces regulatory scrutiny, particularly from the United States Federal Reserve. The regulatory body has raised concerns over the bank’s involvement in crypto-related activities, requiring alignment with established policies. The bank has been given until January 2024 to ensure compliance, a process that involves navigating regulatory capital treatment intricacies.<\/span><\/p>\n
Founded in 2011, SoFi Bank transitioned from its status as a non-bank entity in 2019 to a fully-fledged financial institution the following year.<\/span><\/p>\n
\"Bitcoin<\/p>\n
BTC price falls to $29,300 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Strategic Growth And Financial Success<\/h2>\n
The earnings report highlights SoFi Bank’s business acumen, reflected in its strong second-quarter performance. With a remarkable 37% surge in revenue ($498 million) compared to the previous year, the bank showcases its ability to thrive amidst a rapidly evolving financial landscape.<\/span><\/p>\n
SoFi Technology Stock also witnessed a 17% surge in July following its Q2 report. “As a result of this growth in high-quality deposits, we have benefited from a lower cost of funding for our loans,\u201d SoFi CEO Anthony Noto said.<\/span><\/p>\n
Related Reading: New Milestone For Ethereum Could Spell Good News For ETH Price<\/a><\/div>\n
SoFi is not the only bank that has made its way into cryptocurrencies. Major US banks like <\/span>Wells Fargo<\/span><\/a>, <\/span>JP Morgan<\/span><\/a>, and <\/span>Goldman Sachs<\/span><\/a>, among others, have also taken the plunge to provide access to digital assets and cryptocurrencies for their clients.<\/span><\/p>\n
Other notable entrants into the industry include <\/span>BlackRock<\/span><\/a> and <\/span>ARK Invest<\/span><\/a>, which have filed applications for Spot Bitcoin ETFs with the SECs. On August 13, the first of these, the ARK Invest application, <\/span>will be deliberated on to be approved or rejected by the SEC<\/span><\/a>. However, the regulator could also end up extending the deadline.<\/span><\/p>\n
Featured image from BitIRA, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
San Francisco\u2019s SoFi Bank, a rising financial institution with 6.2 million customers, has unveiled its substantial cryptocurrency holdings, demonstrating a proactive embrace of the evolving digital asset landscape.\u00a0 BTC, ETH, and DOGE Lead the Way A recent report shows that the bank’s second-quarter earnings totaled $170 million in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Related Reading: Bittrex, SEC Reach Settlement In Securities Violation Case Among its cryptocurrency investments, SoFi Bank boasts $82 million worth of Bitcoin, solidifying its position in \u2018digital gold.\u2019 Ethereum follows closely, with $55 million, showcasing the bank’s belief in the blockchain’s potential.\u00a0 The meme-inspired Dogecoin takes the third spot with $5 million, while Cardano secures the fourth place with $4.5 million. The bank also diversifies with digital assets like Solana (SOL), Litecoin (LTC), and Ethereum Classic (ETC). SoFi Bank’s crypto holdings | Source: X SoFi Bank’s unique proposition lies in its commitment to fee-free cryptocurrency investments, allowing customers to allocate a portion of their direct deposits to digital assets.\u00a0 The bank further incentivizes newcomers by offering a $100 crypto bonus upon registration. With a minimum investment threshold as low as $10, the platform fosters accessibility to a variety of cryptocurrencies beyond Bitcoin. While SoFi Bank’s innovative approach to cryptocurrency has garnered attention, it faces regulatory scrutiny, particularly from the United States Federal Reserve. The regulatory body has raised concerns over the bank’s involvement in crypto-related activities, requiring alignment with established policies. The bank has been given until January 2024 to ensure compliance, a process that involves navigating regulatory capital treatment intricacies. Founded in 2011, SoFi Bank transitioned from its status as a non-bank entity in 2019 to a fully-fledged financial institution the following year. BTC price falls to $29,300 | Source: BTCUSD on Tradingview.com Strategic Growth And Financial Success The earnings report highlights SoFi Bank’s business acumen, reflected in its strong second-quarter performance. With a remarkable 37% surge in revenue ($498 million) compared to the previous year, the bank showcases its ability to thrive amidst a rapidly evolving financial landscape. SoFi Technology Stock also witnessed a 17% surge in July following its Q2 report. “As a result of this growth in high-quality deposits, we have benefited from a lower cost of funding for our loans,\u201d SoFi CEO Anthony Noto said. Related Reading: New Milestone For Ethereum Could Spell Good News For ETH Price SoFi is not the only bank that has made its way into cryptocurrencies. Major US banks like Wells Fargo, JP Morgan, and Goldman Sachs, among others, have also taken the plunge to provide access to digital assets and cryptocurrencies for their clients. Other notable entrants into the industry include BlackRock and ARK Invest, which have filed applications for Spot Bitcoin ETFs with the SECs. On August 13, the first of these, the ARK Invest application, will be deliberated on to be approved or rejected by the SEC. However, the regulator could also end up extending the deadline. Featured image from BitIRA, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":546872,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83361,3,89099,83362,13625],"tags":[89104,428,1119,12332,16384,85464,1785,7,8323,1946,89103],"class_list":["post-546853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","category-news","category-doge","category-eth","category-ethereum","tag-adacrypto-holdings","tag-bitcoin","tag-btc","tag-cardano","tag-crypto-bank","tag-crypto-investments","tag-doge","tag-dogecoin","tag-eth","tag-ethereum","tag-sofi-bank"],"acf":[],"yoast_head":"\nSan Francisco\u2019s SoFi Bank Reveals Significant Holdings In BTC, ETH, And DOGE<\/title>\n<meta name=\"description\" content=\"San Francisco\u2019s SoFi Bank, a rising financial 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"San Francisco\u2019s SoFi Bank Reveals Significant Holdings In BTC, ETH, And DOGE","url":"http:\/\/wncen.com\/news\/sofi-bank-holdings-in-btc-eth-doge\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/sofi-bank-holdings-in-btc-eth-doge\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/SoFi-Bank-crypto.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/SoFi-Bank-crypto.png?fit=840%2C443"},"articleSection":"BTC","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["adacrypto holdings","bitcoin","btc","cardano","crypto bank","crypto investments","doge","dogecoin","eth","ethereum","sofi bank"],"dateCreated":"2023-08-11T14:00:08Z","datePublished":"2023-08-11T14:00:08Z","dateModified":"2024-06-11T07:08:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"San Francisco\\u2019s SoFi Bank Reveals Significant Holdings In BTC, ETH, And DOGE\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/sofi-bank-holdings-in-btc-eth-doge\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/sofi-bank-holdings-in-btc-eth-doge\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/SoFi-Bank-crypto.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/SoFi-Bank-crypto.png?fit=840%2C443\"},\"articleSection\":\"BTC\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"adacrypto holdings\",\"bitcoin\",\"btc\",\"cardano\",\"crypto bank\",\"crypto investments\",\"doge\",\"dogecoin\",\"eth\",\"ethereum\",\"sofi bank\"],\"dateCreated\":\"2023-08-11T14:00:08Z\",\"datePublished\":\"2023-08-11T14:00:08Z\",\"dateModified\":\"2024-06-11T07:08:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/SoFi-Bank-crypto.png?fit=840%2C443","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546853"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=546853"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546853\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/546872"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=546853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=546853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=546853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}