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

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.


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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.

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MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.