SoFi Technologies (NASDAQ: SOFI) raised its full-year profit forecast on Tuesday after reporting record third-quarter results that beat Wall Street expectations, driven by fee income and user growth across financial products.
CEO Anthony Noto said the company plans to start trading in cryptocurrencies by the end of the year and roll out its own SoFi USD stablecoin in the first half of 2026, marking its biggest step yet into the digital asset economy.
Adjusted sales rose 38% from a year ago to $950 million, beating analysts’ expectations of $886.6 million, SoFi said.
The move mirrors that of banking giant Morgan Stanley. Earlier this quarter, Morgan Stanley announced plans to partner with Zerohash for liquidity, custody, and settlement to conduct cryptocurrency trading for retail clients on its E*Trade platform.
For the three months ended Sept. 30, SoFi’s adjusted earnings more than doubled to $0.11 per share, beating estimates of $0.08 per share. SoFi’s stock rose 3.8% in pre-market trading following the announcement, Reuters reported.
SoFi pivots to Bitcoin
Founded as a student loan refinancing startup, SoFi has evolved into a full-fledged financial services platform offering a wide range of products, from IPO investments to credit cards and high-yield savings accounts.
The company currently boasts a market capitalization of approximately $36 billion, solidifying its position as a leading company in the fintech field.
Earlier this year, in June, SoFi announced that it was reintroducing spot crypto trading and starting plans for a blockchain-based global money transfer service after shutting down its crypto services in 2023 due to regulatory constraints.
The company said SoFi members will once again be able to buy, sell, and hold cryptocurrencies such as Bitcoin within its platform.
In addition to the return of crypto trading, SoFi has revealed a new self-service international money transfer feature that will be launched soon.
The service allows SoFi Money users to send funds to dozens of countries directly from the SoFi app, with transfers occurring over a secure blockchain network.
Recipients receive local currency instantly, receive full fees and exchange rate transparency upfront, and have 24/7 access to transactions.
In June, CEO Anthony Noto said SoFi sees blockchain and cryptocurrencies as core to the future of financial services, emphasizing the company’s goal to give members more control and flexibility across their financial lives.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
