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.