US Bank Discloses $166 Million in Cryptocurrency Holdings: Q2 Earnings Report

The San Francisco-based SoFi bank holds about $170 million in cryptocurrency on its balance sheet, according To the second quarter earnings report (Q2). US Bank, which serves more than six million customers, saw a significant increase in its cryptocurrency holdings compared to the previous quarter.

The bank owns Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), and Ethereum Classic (ETC). Of the total $166 million in crypto investments, the bank owns $82 million in BTC and $55 million in ETH. DOGE finished third with nearly $5 million, and ADA’s total holdings were $4.5 million. An investor presentation also revealed that SoFi has included more than 500,000 customers and now supports trading for more than 22 cryptocurrencies.

SoFi crypto holdings, Q2 2023. Source: SoFi

SoFi is not just about cryptocurrency; It also allows customers to buy and sell various cryptocurrencies, although it does not offer any staking services. The US bank began offering cryptocurrency services to its clients in September 2019 in partnership with the cryptocurrency exchange Coinbase.

However, it was not a bank when it started offering crypto services and only received a banking license in February 2022, making it one of the few traditional banks to offer crypto services.

However, SoFi’s crypto offering has not gone down well with the US Federal Reserve and lawmakers. In November 2022, a US Senate committee questioned SoFi’s compliance with the Banking Act while reminding them of the January 2024 deadline. Cointelegraph reached out to SoFi Bank to clarify the compliance deadline and how it might affect its cryptocurrency holdings but did not receive a response by post.

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