SoFi Technologies Adds Crypto Card as Stock Slides 40% in 2026

NEW YORK, October 11 —

SoFi Technologies, Inc. (SOFI) launched a crypto card while the stock trades 40% below its January level, ahead of a pivotal Q3 earnings test on Oct. 27.

Q2 Punished 42.6% Revenue Growth That Most Companies Would Envy

SoFi delivered 42.6% YoY revenue expansion on a $4.3bn TTM base, and the market still cut price targets. The issue was not the top line. Analysts balked at guidance shape and the pace of member monetization, leaving the stock to absorb the cuts and drift to $15.8. The gap-down after Q2 is visible in the chart above. At 19.2x forward P/E on a grower at that rate, the Street is pricing in meaningful deceleration, and the SOFI fundamentals page shows just how wide that gap looks relative to fintech peers.

14.8% Short Float on that Drawdown Is Structural Fuel

Short sellers at 14.8% of the float are betting Q3 disappoints again and the crypto card fails to move the member needle. They may be right. But at those short levels with that drawdown already in the price, any meaningful beat on member growth or adjusted EBITDA creates a mechanical bid on top of the fundamental one. The contrarian analysts arguing the market is missing the bigger story have a point that is considerably easier to dismiss at all-time highs than at $15.8.

Oct. 27 Closes the Gap Between That Growth Rate and a 19x Multiple

The lowered bar coming into Q3 is the setup. When analysts have already marked down estimates post-Q2, companies with genuine momentum tend to reclaim ground fast. Watch three numbers on Oct. 27: member growth rate, net revenue, and adjusted EBITDA vs. consensus. If all three beat while the crypto card shows early adoption data, the re-rating case moves from speculative to structural. If they miss, that decline is not a floor.

At 19.2x forward P/E against that revenue growth, the gap between multiple and growth rate is the trade. Run the implied growth assumptions through the P/E calculator to stress-test what the market is actually pricing in right now, and whether that skepticism survives a clean Q3 beat.

A full Basis Report analysis with a BUY rating is available at the SOFI deep-dive report.

Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.