US Bank Holds $166 Million in Crypto: Q2 Earnings Report

• US bank SoFi revealed it holds $166 million in crypto assets according to its Q2 earnings report.
• The bank supports trading for over 22 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Cardano, Solana and Dogecoin.
• SoFi started offering crypto services in September 2019 and obtained a banking license in February 2022.

SoFi’s Crypto Holdings

The San Fransico-based SoFi bank holds almost $170 million in crypto on its balance sheet, according to its second quarter (Q2) earnings report. The United States bank, which serves over six million customers, has seen a significant increase in its crypto holdings compared with the previous quarter. The bank holds Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Cardano (ADA), Solana (SOL), Dogecoin (DOGE) and Ethereum Classic (ETC). Out of the total $166 million of crypto investments, the bank holds $82 million of BTC and $55 million worth of ETH. DOGE took the third spot at almost $5 million, with ADA holdings totaling $4.5 million.

SoFi Crypto Offerings

An investor presentation also revealed that SoFi onboarded over 500,000 customers and now supports trading for over 22 cryptocurrencies. SoFi not only hodls crypto; it also allows customers to buy and sell various cryptocurrencies, although it doesn’t offer any staking services.

Partnership With Coinbase

The U.S. bank started offering crypto services to its customers in September 2019 in partnership with the Coinbase crypto exchange. However, it wasn’t a bank when it started offering crypto services and only obtained a banking license in February 2022, making it one of the few traditional banks providing crypto services.

Concerns From US Federal Reserve & Lawmakers

However, SoFi’s crypto offering has not gone down well with the U.S. Federal Reserve and lawmakers. In November 2022, a U.S