Sofi Bank Reveals That It Holds DOGE While Musk’s Lawyer Seeks End to Lawsuit

SoFi Bank's balance sheet shows that the bank holds DOGE and Elon Musk's lawyer puts steps in place to end "frivolous" lawsuit.

SoFi Bank recently revealed its balance sheet which showed that the bank had a substantial cryptocurrency allocation in its portfolio. Cryptocurrencies such as Cardano (ADA), Bitcoin (BTC), Ethereum (ETH) and several others were listed in the balance sheet. Interestingly, the largest meme coin by market capitalization, Dogecoin (DOGE), was also included in the bank’s portfolio.

Meanwhile, the legal counsel for the DogeFather himself, Elon Musk, recently took steps to dismiss the lawsuit against the business magnate. The lawsuit, which was originally initiated in June 2022, was called frivolous by Musk’s lawyer.

SoFi Bank Reveals Its Substantial Cryptocurrency Holdings

In a groundbreaking announcement that has sent shockwaves through the financial world, San Francisco-based SoFi Bank has taken the veil off a monumental reservoir of digital assets, ushering in a new era of possibilities within the cryptocurrency space. With its recently released second-quarter report for the current year, the bank unveiled an unprecedented accumulation of cryptocurrencies, most notably the trailblazing Cardano's ADA and the ubiquitous Dogecoin.

The numbers presented are nothing short of astonishing. SoFi Bank's balance sheet now boasts an impressive $4.53 million worth of Cardano tokens, paired with an equally substantial $4.95 million worth of DOGE. Yet, these figures represent just the surface of a much deeper phenomenon. Renowned for its rapid expansion and a customer base that has now burgeoned to a staggering 6.2 million, the bank has methodically diversified its cryptocurrency holdings, encompassing not only Cardano and Dogecoin but also giants of the cryptocurrency realm including Bitcoin, Ethereum, Litecoin, Solana, and Ethereum Classic.

However, the dual presence of ADA and DOGE is merely a glimpse into the expansive cryptocurrency landscape SoFi Bank has embarked upon. A panoramic view of its cryptocurrency portfolio reveals illustrious names like Bitcoin and Ethereum taking center stage. Bitcoin, the pioneer of the digital currency revolution, stands as a colossus within SoFi's portfolio, commanding an impressive valuation of $82 million. Following closely in its wake is Ethereum (ETH) with a formidable valuation of $55 million.

The calculated venture into the world of cryptocurrencies traces its origins back to SoFi Bank's pioneering move to introduce cryptocurrency offerings at the tail end of 2019. This strategic decision, taken shortly after a significant market downturn, proved to be an auspicious move, catapulting the bank's customer base from a mere million to a staggering 6.2 million over the course of almost four years.

The significance of SoFi Bank's move extends beyond the sheer numbers. This foray into cryptocurrencies signals a broader acceptance and integration of digital assets into the mainstream financial sector. The traditional perception of cryptocurrencies as volatile and speculative assets has been gradually evolving, and SoFi Bank's strategic diversification showcases a growing confidence in the long-term potential of these digital assets.

Furthermore, the bank's balanced approach to cryptocurrency accumulation, including both established giants like Bitcoin and innovative offerings like Cardano, highlights a comprehensive understanding of the nuanced landscape. This diversification not only mitigates risk but also positions SoFi Bank as a progressive institution capable of adapting to the rapidly evolving financial environment.

As the cryptocurrency market continues to evolve, SoFi Bank's bold moves stand as a testament to the transformative power of digital assets. The bank's resolute accumulation of cryptocurrencies, from the established to the emerging, signifies a paradigm shift that could potentially reshape the future of finance. With each step forward, the traditional boundaries between conventional finance and the cryptocurrency domain blur, making way for a more inclusive and innovative financial landscape.

Dogecoin Lawsuit Coming to an End?

In related news, Elon Musk's legal representatives are taking steps to dismiss the lawsuit against the entrepreneur regarding his involvement with DOGE, asserting that the lawsuit lacks merit and should be considered "frivolous." In a recent court filing, Musk's attorneys argue that the case against him should be dismissed without prejudice, as the plaintiffs' claims are primarily centered around memes posted by Musk himself.

Musk's legal team further argues that promoting Dogecoin, a cryptocurrency known for its meme-like Shiba Inu dog logo and boasting a market capitalization exceeding $11 billion, does not inherently constitute any wrongdoing. The lawyers contend that there is no legal basis for the plaintiffs' complaint, which they describe as "fanciful, meandering, and often incomprehensible."

The court filing states, "There is nothing unlawful about tweeting words of support for, or funny pictures about, a cryptocurrency that holds a market capitalization of over $11 billion. Plaintiffs’ fanciful, meandering, and often incomprehensible third amended class action complaint does not come close to stating a claim."

The lawsuit against Musk was originally initiated in June 2022 by a group of Dogecoin investors who claimed that their financial losses were a result of Musk manipulating the price of the digital asset. The investors alleged that Musk's tweets and actions regarding Dogecoin led to market fluctuations that negatively impacted their investments.

In response to the lawsuit, Musk has consistently maintained that his interactions with Dogecoin were meant to be light-hearted and humorous, and that they were not intended to manipulate the market or cause financial harm to investors. He also denied owning a Dogecoin wallet and selling a significant amount of the cryptocurrency, as claimed by the plaintiffs.

Top 10 Overview

The majority of cryptocurrencies in the market suffered 24-hour price drops according to CoinMarketCap. At press time, the collective market capitalization for the cryptocurrency market stood at around $1.17 trillion, after slipping 0.25% over the past day of trading. Almost all of the top 10 cryptocurrencies saw their prices decline during this period as well.

Only Ripple (XRP), Dogecoin (DOGE), and Solana (SOL) printed 24-hour gains. XRP was trading hands at $0.6314 after the remittance token’s price rose 0.37%. Meanwhile, DOGE’s price stood at $0.07544 following a slight increase of 0.05% Last but not least, SOL’s 0.11% 24-hour gain meant that the Ethereum-killer was valued at $24.42 at press time.