SoFi Technologies $SOFI ( ▼ 6.15% ) fell more than 7 percent in early trading Friday after announcing a $1.5 billion public stock offering priced at $27.50 a share, a discount from Thursday’s close of $29.60. The deal includes a 30-day option for underwriters to buy an additional 8,181,818 shares, equal to 15 percent of the offering, and is expected to close on December 8.
SoFi said proceeds will go toward general corporate purposes, including strengthening its capital position, increasing strategic flexibility, improving capital management efficiency, and funding new growth opportunities.
The timing comes after a strong year for the stock, which had nearly doubled in 2025 before today’s slide. The company posted better-than-expected Q3 results in October, powered by growth outside its original lending business, including trading, wealth management, mortgages, and credit cards.
CEO Anthony Noto has also been pushing deeper into crypto. In November, SoFi launched a priority waitlist for SoFi Crypto, which will support trading in assets such as Bitcoin, Ethereum, and Solana. As of Friday morning, shares are hovering around the offering price of $27.50.