SoFi CEO Anthony Noto speaks to CNBC at the annual Allen & Co. Media and Technology Conference in Sun Valley, Idaho on July 10, 2025.
David A. Grogan | CNBC
SoFi shares fell nearly 6% in extended trading on Thursday after the fintech company announced a $1.5 billion stock offering.
The company, which offers online lending and other banking services, said in a news release that it will use the proceeds for “general corporate purposes,” including but not limited to improving capital position, increasing choice and enabling further capital management efficiencies, as well as funding incremental growth and business opportunities.
The announced offering comes after SoFi's market cap has nearly doubled so far in 2025. The share price has increased more than sixfold since the end of 2022.
When a stock sale is planned, a company's stock price often falls because the offer dilutes the value of existing shareholders' shares.
In its third-quarter earnings release in late October, SoFi reported 38% year-over-year revenue growth to $961.6 million, while net income more than doubled to $139.4 million. The company reported $3.25 billion in cash and equivalents.
REGARD: SoFi CEO to launch crypto trading