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Major US Bank's Multi-Million ADA and DOGE Holdings Send Ripples Through Crypto Market

Thu, 08/10/2023 - 12:17
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Gamza Khanzadaev
San Francisco's SoFi Bank stuns with multi-million ADA and DOGE exposure
Major US Bank's Multi-Million ADA and DOGE Holdings Send Ripples Through Crypto Market
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In a groundbreaking revelation, SoFi Bank, headquartered in San Francisco, has unveiled a staggering reservoir of digital assets, sending ripples through the crypto space. Per its second-quarter report for the current year, the bank's balance sheet has been bolstered by the colossal accumulation of various cryptocurrencies, most notably Cardano's ADA and the popular Dogecoin.

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Astoundingly, the bank's balance sheet now contains an impressive $4.53 million worth of Cardano tokens, and an equally substantial $4.95 million worth of DOGE. However, these are just the tip of the iceberg. SoFi Bank, known for its rapidly expanding customer base of 6.2 million, has strategically diversified its holdings, venturing into a spectrum of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Solana and Ethereum Classic (ETC).

However, the duo of ADA and DOGE are just the tip of the iceberg for SoFi Bank. Its cryptocurrency portfolio extends to encompass illustrious names like Bitcoin, Ethereum, Litecoin, Solana and Ethereum Classic (ETC). Remarkably, BTC stands as a towering pillar in its portfolio, boasting a formidable $82 million valuation, tailed by ETH at $55 million.

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This calculated foray into the cryptocurrency realm traces back to the bank's introduction of crypto offerings at the end of 2019, emerging as a trailblazer shortly after a market downturn. The timing proved fortuitous, catapulting the bank's customer base from under a million to a staggering 6.2 million customers during these almost four years.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.