A major American bank that is publicly listed has admitted to holding significant quantities of the cryptocurrency Cardano.
The SEC’s onslaught against Cardano is not over, and major US exchanges are lining up to delist ADA in favour of coins with more legal certainty.
Nevertheless, SoFi’s most recent earnings calls report shows that investors’ confidence in Cardano’s potential and resiliency remains strong despite these setbacks.
During its second-quarter results call on August 9, San Francisco’s SoFi Bank, which has over 6.2 million customers, revealed some noteworthy data. The bank’s SoFi Digital Assets division has reportedly amassed a cryptocurrency portfolio worth more than $170 million.
SoFi had $82 million in Bitcoin (BTC), $55 million in Ethereum (ETH), $5 million in Dogecoin (DOGE), and $4.5 million in Cardano (ADA), as detailed in their official report.
It is important to note that SoFi has not purchased any of these tokens and instead employs a third-party custodian firm to hold these assets for its users. The study emphasised the member assets held by external custodians.
Although Bitcoin and Ethereum are more popular choices for large organisations and investors seeking exposure to the cryptocurrency market, ADA’s inclusion in the research is significant nevertheless. It exemplifies the increasing interest in and use of Cardano despite the regulatory hurdles it faces in the United States.
It also demonstrates that, despite the government’s reaction, US investors see Cardano as a promising venture and are ready to hold significant sums. Despite the emotional responses from investors, the report made it clear that it no longer recommended buying or holding more ADA.
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