SoFi Stock Tops $32 After OCC OKs First U.S. Bitcoin Bank
SoFi Technologies (NASDAQ: SOFI) shares surged past $32 intraday to a record $32.54, marking a 3% gain and a market capitalization of $38.7 billion. The rally followed the firm’s strong third-quarter earnings and, more significantly, approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate as the nation’s first national-charter bank offering direct Bitcoin and cryptocurrency trading. Founded in 2011 as a student-loan refinancing startup, SoFi has evolved into one of America’s leading digital banks with over 10 million members and $25 billion in deposits. Analysts at Goldman Sachs have upgraded SoFi to “Buy” with a $40 price target, citing its newly expanded crypto services as a key growth driver.
Bullish
OCC’s approval for SoFi to offer direct Bitcoin trading as a national-charter bank represents a major regulatory milestone and service expansion. Coupled with strong Q3 results and Goldman Sachs’ upgraded “Buy” rating, this development boosts investor confidence in SoFi’s growth prospects and the broader crypto banking sector. In the short term, elevated trading volumes and positive sentiment should drive further price momentum. Over the long term, revenue diversification from crypto services may strengthen SoFi’s competitive position among digital banks, potentially attracting institutional and retail capital.