SoFi Stock Gets Supercharged With Return To Crypto

SoFi Technologies, Inc. SOFI announced Wednesday that is making a comeback in the world of cryptocurrency investing, with plans to enable its members to buy, sell and store popular digital currencies like Bitcoin BTC/USD and Ethereum ETH/USD later this year. 

The Details: SoFi said it will offer self-serve international money transfers, or global remittances and crypto investing later this year.

The company also said it aims to broaden its offerings by including stablecoins and allowing members to take out loans using their crypto holdings.  

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Additionally, SoFi's technology platform, Galileo, will provide blockchain and digital asset infrastructure solutions for other businesses.

“The future of financial services is being completely reinvented through innovations in crypto, digital assets, and blockchain more broadly,” said Anthony Noto, CEO of SoFi. 

“We’re accelerating our efforts to give members more choice and more control, whether they’re investing, sending money across borders, or planning for their future. Crypto and blockchain innovations can and will be threaded through each of our businesses and capabilities, including buying, paying, saving, investing, borrowing, and protecting," Noto added. 

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What Else: SoFi stock has been on a tear, gaining more than 24% over the past month, after executives reaffirmed aggressive growth projections during the William Blair Growth Stock Conference. 

CFO Chris Lapointe projected over $3 billion in adjusted net revenue by 2025 and annual revenue growth exceeding 25% through 2026.

The company also announced a partnership with Benzinga last week to bring Benzinga’s datasets into SoFi's investing platform as part of a broader effort to simplify research and drive informed investing. 

SOFI Stock Price Action: According to data from Benzinga Pro, SoFi Technologies shares were up 2.02% at $16.42 on Thursday. 

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