SoFi’s Crypto Comeback Is Bigger Than You Think… Next Stop: Blockchain-Powered Home Loans

As of right now, the only group genuinely thrilled about Trump’s return to power (besides the top six Wall Street banks who made a record-setting $16.3 billion in stock trading revenue last quarter) is the crypto industry. And leading the charge out of regulatory purgatory is the fintech stock that money Twitter treats like the second coming of JP Morgan (I’m talking about SoFi).

This is the same SoFi that was forced to drop its crypto investing business in late 2023. At the time, the company was securing its long-sought federal bank charter, and regulators made it clear: if SoFi wanted to be a real bank, it had to exit the crypto business. That meant stripping access to over 20 digital coins and forcing customers to either liquidate their holdings or transfer their assets to Blockchain.com. It was a clean break… at least on paper.

But apparently, that breakup didn’t last. Because now they’re back together… and this time it’s serious. Last night, CEO Anthony Noto announced that SoFi is officially bringing crypto investing back, thanks to what he called a “fundamental shift” in the regulatory environment.

In case you missed it, the Office of the Comptroller of the Currency (aka the OCC, the agency that once treated Bitcoin like a cultish pyramid scheme) just issued new guidance saying banks can operate in crypto again. Noto didn’t wait for a second opinion. He’s already laying out plans not just to reintroduce crypto investing, but to inject blockchain into pretty much every product SoFi touches: lending, payments, savings, insurance… next up: crypto-powered student loans? Why not. He even teased features like letting people borrow cash against their crypto holdings or use crypto for payments (I’m sure that will end well).

Now usually when companies start scheming up weird risky ideas like this it’s to cover up bad numbers. But SoFi’s business is actually crushing it. In Q1, they posted $771 million in adjusted revenue… well above the $739 million analysts expected. They added 800,000 new customers in a single quarter (which is either impressive or terrifying, depending on how you feel about Gen Z managing your economy). And they locked in their sixth straight quarter of GAAP profitability. That’s practically mythical for a fintech still in its growth phase (most are lucky to break even).

Oh, and fee-based revenue is up 67% year-over-year to a record $315 million (which you have to admit is impressive). And while every other bank is trimming forecasts because of the word that starts with “T”, SoFi is hiking its full-year guidance. They now expect up to $3.31 billion in 2025 revenue and as much as $895 million in EBITDA. Mizuho analyst Dan Dolev politely called this “a sign of stability.”

Of course, SoFi’s stock is still caffeinated and unpredictable. It’s up nearly 70% over the past year, but still down 28% from its 52-week high…

Still, if you believe the roadmap (and the receipts) SoFi might be positioning itself as the first major U.S. bank to actually build its ecosystem around crypto instead of pretending it’s just a fad. Noto’s even on record saying it’s “a matter of when, not if” SoFi becomes a top 10 financial institution.

On the other hand, legacy banks are still Googling “what is blockchain” and quietly hoping it goes away. But as dangerous as it sounds, SoFi’s already figuring out how to wrap your 30-year mortgage in smart contracts.

Say what you want about Trump’s second term… but for crypto and for SoFi, it’s starting to look like open season.

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Stock.News does not have positions in companies mentioned.