Raiffeisen Bank International AG Boosts Stake in SoFi Technologies by 3,383.5%
Raiffeisen Bank International AG significantly increased its stake in SoFi Technologies by 3,383.5% in Q2, according to its SEC filing. The institutional investor purchased an additional 43,106 shares, bringing its total holdings to 44,380 shares worth $807,000.
SoFi's digital-asset infrastructure expanded with the Payward/Kraken partnership, allowing SoFi to connect to Big Business Banking capabilities and the SoFi Exchange Network. This deal also enables Kraken Prime for crypto liquidity and 24/7 U.S.-dollar settlement on SoFiUSD.
The partnership received positive sentiment from analysts and market participants, who point to record revenue, member growth, improving cross-selling, and long-term opportunities for SoFiUSD and digital financial services. Some analysis suggests that SOFI may be overvalued relative to its intrinsic value, which could impact the shares' price.