Report: SoFi aiming to go public via a SPAC linked to investor Chamath Palihapitiya

Partner offers
The Block may may earn a commission if you use our partner offers, at no extra cost to you.

Lending startup SoFi is reportedly going public via a deal that would value it at more than $6 billion, per a report from Reuters.

The outlet said that, citing sources, the deal is not finalized and "the talks could still collapse and the terms could be changed." A potential announcement could take place in the days to come.

The deal would see SoFi merging with Social Capital Hedosophia Holdings Corp V. Social Capital Hedosophia Holdings Corp V is a SPAC — a special purpose acquisition company — designed to raise capital for a shell company for the purposes of merging with a privately held company that can then become publicly traded. 

SoFi began supporting cryptocurrency trading services in late 2019, allowing users to buy or sell bitcoin, ether, or litecoin on the platform. Palihapitiya is a prominent SPAC sponsor who has merged firms specializing in space tourism and home selling.

AUTHOR

MK Manoylov is a former reporter at The Block.

See More

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on