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- SoFi Bank’s Q2 report showcases holdings of $4.53 million in Cardano (ADA) and $4.95 million in Dogecoin.
- The bank has diversified its crypto assets with notable holdings in Bitcoin, Ethereum, and other top cryptocurrencies.
In a riveting tweet by Chris O, it was unveiled that SoFi Bank, one of the leading U.S banks, has made significant inroads into the crypto space with their substantial holdings of Cardano and Dogecoin.
#Cardano, this is how big money think. $ADA is @SoFi 3rd largest holding. It’s purely on MC, zero emotion/zero narrative chasing. They don’t care what “gurus” on X say or what VC owned “media” write about. Exactly what @cardano_whale shared w/Bloomberg Terminal. @Cardano… https://t.co/Q7fobbGzu5 pic.twitter.com/wytJx3j9L5
— Chris O (@TheOCcryptobro) August 9, 2023
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Going Beyond ADA and DOGE
While the revelation of $4.53 million in ADA and $4.95 million in DOGE is impressive, that’s just scratching the surface of SoFi Bank’s involvement in the crypto world. Their cryptocurrency asset list doesn’t stop there. With notable names like Bitcoin, Ethereum, Litecoin, Solana, and Ethereum Classic (ETC) added to the mix, they’ve showcased a strategic diversification in their crypto portfolio.
Bitcoin (BTC), often referred to as the ‘digital gold’, stands as a central figure in SoFi’s crypto collection with a remarkable valuation of $82 million. Following closely is Ethereum (ETH) with an appreciative value of $55 million.
A Pioneering Move in the Crypto Realm
SoFi Bank’s pivot into the world of cryptocurrency wasn’t a recent whim. Their trajectory in this domain dates back to the end of 2019 when they introduced crypto offerings. Their strategic entry came right after a market downturn, which might have seemed risky to some. Yet, the timing was impeccable. This decisive move in the volatile world of crypto acted as a catalyst, skyrocketing their customer base from a mere few hundred thousand to an overwhelming 6.2 million in just under four years.
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