My dears,
Earnings growth for next year is forecast at 91%, which will reduce the P/E ratio to 30.
The PEG is a good +0.63.
I therefore remain invested.
SoFi states that it has added "crypto-based functions" to its digital financial services.
The company announced the expansion of its service offering on Wednesday (June 25), stating that it is the first of many new offerings related to cryptocurrencies and blockchain.
"More people than ever are using cryptocurrencies to pay, invest and transfer money faster, more securely and at a fraction of the cost of traditional methods. An estimated three in ten American adults now own crypto assets," SoFi said in a press release.
"Growing demand, fueled by expanded institutional investment and increasing regulatory clarity, should lead to greater adoption of cryptocurrencies by the general public and likely signal the beginning of another technology supercycle."
SoFi refers to the new crypto offerings as a "comeback" as the company handed over this division to Blockchain.com in 2023. A year earlier, SoFi had received a banking license from the U.S. Office of the Comptroller of the Currency, which stated that the license was contingent on the company exiting the crypto trading sector.
Now the company wants to allow its members to buy, sell and hold coins such as Bitcoin and Ethereum, and plans to eventually offer stablecoins .
The press release states that SoFi also plans to add more services, including "the ability to borrow against their crypto assets, expanding payment options and introducing new staking capabilities, as well as blockchain and digital asset infrastructure capabilities for other businesses offered by Galileo, SoFi's technology platform."
In addition to the new crypto offering, SoFi will provide eligible SoFi Money members with the ability to make international remittances .
"These transfers will be fully automated in the SoFi app and will be processed at a much higher speed and lower cost than the multi-day wait times many have to endure with traditional services today. This puts more money in people's pockets faster," says the company.
The launch comes at a time when SoFi is offering its customers access to alternative investments and shares in private companies that are traditionally reserved for wealthier customers. SoFi aims to meet the demanding investment expectations of Generation Z .
During a recent roundtable discussion with PYMNTS, Kelli Keough , Executive Vice President at SoFi, emphasized that her company is focused on making investment opportunities accessible through digital experiences with low minimum requirements, combined with comprehensive financial education to encourage informed investment decisions.
"Generation Z expects to have access to the products that high net worth investors have, and they don't understand why they're not available digitally," Keough said.
