SoFi Steps Back From Crypto. What It Means for SOFI Stock Investors.

InvestorPlace2023-12-08

SoFi Technologies is exiting the cryptocurrency trading business altogether.On the other hand, a Cathie Wood fund purchased a chunk of SoFi Technologies shares.Crypto bulls should consider Coinbase (...

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What It Means for SOFI Stock Investors.","media":"InvestorPlace","content":"<div>\n<p>SoFi Technologies  is exiting the cryptocurrency trading business altogether.On the other hand, a Cathie Wood fund purchased a chunk of SoFi Technologies shares.Crypto bulls should consider Coinbase (...</p>\n\n<a href=\"https://investorplace.com/2023/12/sofi-steps-back-from-crypto-what-it-means-for-sofi-stock-investors/\">Source Link</a>\n\n</div>\n","source":"investorplace_stock_picks","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SoFi Steps Back From Crypto. What It Means for SOFI Stock Investors.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoFi Steps Back From Crypto. What It Means for SOFI Stock Investors.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-12-08 15:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2023/12/sofi-steps-back-from-crypto-what-it-means-for-sofi-stock-investors/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SoFi Technologies  is exiting the cryptocurrency trading business altogether.On the other hand, a Cathie Wood fund purchased a chunk of SoFi Technologies shares.Crypto bulls should consider Coinbase (...</p>\n\n<a href=\"https://investorplace.com/2023/12/sofi-steps-back-from-crypto-what-it-means-for-sofi-stock-investors/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SOFI","symbol_name":"SoFi Technologies Inc.","start_time":0,"source_url":"https://investorplace.com/2023/12/sofi-steps-back-from-crypto-what-it-means-for-sofi-stock-investors/","article_id":"2389404768","we_media_id":null,"thumbnails":[],"rights":{"source":"investorplace_stock_picks","url":"https://investorplace.com/2023/12/sofi-steps-back-from-crypto-what-it-means-for-sofi-stock-investors/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2389404768","pubTimestamp":1702019133,"columns":[],"sourceInfo":{"source_id":"investorplace_stock_picks","name":"InvestorPlace stock picks"},"weMediaInfo":null,"summary":"SOFI stock may still be worth owning, but don't expect a direct cryptocurrency connection with SoFi Technologies.","collect":0,"end_time":0,"defaultTopTitle":"investorplace.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SOFI":"SoFi Technologies Inc."},"translate_title":"索菲从加密中退出。这对SOFI股票投资者意味着什么。","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SOFI":1},"content_text":"SoFi Technologies  is exiting the cryptocurrency trading business altogether.On the other hand, a Cathie Wood fund purchased a chunk of SoFi Technologies shares.Crypto bulls should consider Coinbase (COIN) stock instead of, or in addition to, SOFI stock.SoFi Technologies is a legitimate, chartered bank with innovative concepts for personal finance. Does that mean everyone should invest in SOFI stock, though? Recent news about SoFi Technologies may disappoint cryptocurrency enthusiasts.On the other hand, a well-known fund manager who seems to be crypto-friendly recently bought a sizable chunk of SoFi Technologies shares. So, let’s delve into the details and then consider whether you should invest in SoFi.Which Famous Fund Added SOFI Stock?Ark Invest CEO Cathie Wood favors innovative companies with a technology angle. Wood reportedly once predicted that Bitcoin (BTC-USD) would reach $1.48 million by 2023.Interestingly, Wood (or more accurately, Ark Invest) bought $1.5 million worth of SOFI stock. That’s a big chunk, and this purchase clearly signals Wood’s confidence in SoFi Technologies. Still, it’s difficult to determine exactly why Wood invested so much money in SoFi.In contrast, Ark Invest reportedly sold shares of Coinbase stock. Is Wood trying to make a statement here? Is Ark Invest deliberately shifting away from cryptocurrency and blockchain-related investments?There’s no way to know the answers to these questions, but I can certainly report that CEO Anthony Noto bought $5 million worth of SoFi Technologies shares during the past 12 months (as of mid-November). So, if insider trading is important to you, then Noto’s notable share purchase could be just as meaningful as Wood’s SOFI stock sale.SoFi Technologies Exits the Crypto Trading BusinessHere’s what makes Wood’s SoFi Technologies share purchase, and her COIN stock sale, so noteworthy. Recently, SoFi revealed that it’s ending its cryptocurrency trading services on Dec. 19.SoFi Technologies is migrating its current crypto trading clients to another firm, Blockchain.com. Some clients may choose to stop trading cryptocurrency altogether.This raises a significant question. Is SoFi Technologies (and, by extension, Ark Invest) trying to distance itself from the crypto community in the wake of the scandals surrounding FTX and Binance?This is a valid concern, especially for Bitcoin bulls. If you’re serious about getting direct exposure to cryptocurrency’s potential future growth and adoption, you should probably own COIN stock instead of SOFI stock.Alternatively, you can hold both stocks, but with a larger position in Coinbase shares. There are still reasons to invest in SoFi Technologies, such as the company’s impressive 27% year-over-year net revenue growth and astounding 121% adjusted EBITDA increase in 2023’s third quarter.Bitcoin Bulls Don’t Have to Own SOFI StockSoFi Technologies is a one-stop shop for personal finance services – or at least, it was until recently. Now, SoFi appears to be distancing itself from the world of cryptocurrency and the blockchain.Consequently, Bitcoin bulls can choose not to own SoFi Technologies. Or, they can hold a small position in SOFI stock and a larger stake in COIN stock. Meanwhile, feel free to monitor the purchases and sales of Wood and Ark Invest, but also note Noto’s confident investment in his own company, which speaks volumes.","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":10,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.13","shortVersion":"4.35.13","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2389404768","isCrawlerRequest":true}