San Francisco-based SoFi Bank, which has over 6.2 million customers, revealed it holds up to $170 million worth of crypto, according to Trustnodes. The bank’s Q2 earnings report indicated that 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 start its operations as a bank but rather transitioned after making a strategic acquisition in the US. The company launched its crypto offering in September 2019, and it became a bank after its double acquisition of Golden Pacific Bancorp and Golden Pacific Bank in February 2022. Its growth has seen it add Federal Reserve stocks to its offering.
The 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.