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The case for SoFi Technologies (NASDAQ: SOFI) rested on two unconfirmed catalysts Wednesday: a reported settlement tie-up with private crypto exchange Kraken and circulating speculation about S&P 500 index inclusion.
The stock fell 3% to $17.50 regardless, as risk-off selling hit the broader fintech complex and both items got shrugged off. On sessions where risk appetite is present, either catalyst typically moves the stock higher.
The reported Kraken arrangement would extend SoFi's crypto settlement footprint, though the company has not confirmed it in any official release.
SoFi CEO Anthony Noto did flag progress on this front during Q2 2026, noting the firm had begun settling its trading business in SoFiUSD and processing on the SoFi Exchange network for its first commercial clients.
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