SoFi Technologies (NASDAQ: SOFI) increased its profit forecast for the year on Tuesday after reporting exceptional third-quarter results that exceeded Wall Street’s expectations, thanks to a rise in fee revenue and growth in its user base across various financial products.
CEO Anthony Noto stated that the company is on track to introduce crypto trading by year-end, with plans to launch its own SoFi USD stablecoin in the first half of 2026 — representing its most significant foray into the digital asset market.
SoFi reported adjusted revenue grew by 38% year-over-year to $950 million, outpacing analyst predictions of $886.6 million.
This decision parallels that of banking giant Morgan Stanley. Earlier this quarter, Morgan Stanley revealed plans to offer crypto trading for retail clients on its E*Trade platform, collaborating with Zerohash for liquidity, custody, and settlement solutions.
The adjusted profit for SoFi more than doubled to $0.11 per share for the three months ending September 30, exceeding expectations of $0.08 per share. Following this announcement, SoFi’s shares climbed 3.8% in pre-market trading, according to Reuters.
SoFi’s shift to Bitcoin
Initially launched as a student loan refinancing company, SoFi has transitioned into a comprehensive financial services platform, offering products ranging from IPO investing to credit cards and high-yield savings accounts.
The company now has a market capitalization of approximately $36 billion, solidifying its status among top players in the fintech industry.
In June of this year, SoFi announced the reintroduction of spot crypto trading and plans for a blockchain-based global remittance service after pausing crypto services in 2023 due to regulatory challenges.
The company stated that SoFi members would once again be able to buy, sell, and hold cryptocurrencies like Bitcoin on its platform.
In addition to resuming crypto trading, SoFi unveiled a new self-service international money transfer feature, set to launch soon.
This service will enable SoFi Money users to send money across numerous countries directly from the SoFi app, with transfers carried out over secure blockchain networks.
Recipients will receive local currency instantly, with complete fee and exchange-rate transparency upfront and 24/7 access to transactions.
Back in June, CEO Anthony Noto expressed that SoFi views blockchain and crypto as integral to the future of financial services, highlighting the company’s objective to provide members with more control and flexibility in their financial endeavors.
