SoFi Technologies Inc (NASDAQ: SOFI) chief executive Anthony Noto says the neobank is fully committed to “re-entering the crypto category” in 2025.
Speaking with CNBC this week, Noto said SoFi will likely resume crypto-related services within the next six months as the regulatory environment continues to evolve under Trump 2.0.
Noto’s remarks arrive shortly after the fintech reported better-than-expected financial results for its first quarter. Since April 8th, SoFi shares have gained a total of about 40%.
SoFi has big plans for crypto in 2025
CEO Anthoy Noto also confirmed during the CNBC interview that SoFi Technologies wants to “enter crypto and blockchain activities in a much broader and significant way” over the next couple of years.
Ultimately, the financial services company aims at integrating crypto and blockchain related products into all of its business units.
Note that SoFi previously decided in favour of discontinuing its crypto services due to increased scrutiny from banking authorities like the Federal Reserve and the FDIC.
At the time, it enabled existing users to either migrate their accounts to Blockchain.com or have their accounts liquidated.
Despite massive surge in recent weeks, SoFi stock is currently down more than 25% versus its year-to-date high in late January.
SoFi added a record number of customers in Q1
On “Squawk Box”, the company’s chief executive took a positive stance on crypto at large.
He sees cryptocurrencies as alternative means for “easier, low-cost, faster” payments – a massive opportunity that SoFi wants to capture by “providing infrastructure services to third-parties via our tech platform.”
Earlier this week, the neobank said a record addition of 800,000 new customers helped its adjusted net revenue jump 33% on a year-over-year basis to an all-time high of $771 million in its recently concluded quarter.
On a per-share basis, the financial technology company earned 6 cents in Q1, beating estimates by a whopping 100%. It’s worth mentioning, however, that SoFi shares do not currently pay a dividend.
Is it too late to buy SoFi shares in 2025?
SoFi stock is being hailed this morning also because the San Franciso-headquartered firm raised its full-year outlook this week.
According to Mizuho analyst, Dan Dolev, raising the guidance amidst macro uncertainty that’s keeping others from even maintaining their views for 2025 makes SoFi stock a “beacon of stability in turbulent times.”
Mizuho currently has an “outperform” rating on the Nasdaq listed firm. Its $20 price target on SOFI indicates potential for an exciting 50% upside from current levels.
That said, not everyone on Wall Street is as bullish on SoFi Technologies Inc as Mizuho’s Dolev.
Consensus rating on the fintech stock is currently pegged at “hold” with the average price target of $13.37 indicating analysts believe much of the good news is already factored into SOFI shares.
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