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.
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).
#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
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.
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.