SoFi Dips 3% Despite Reported Kraken Crypto Settlement Tie-Up; Affirm Drops 5%, Robinhood Holds Steady

SoFi shrugged off a reported Kraken crypto partnership and S&P 500 inclusion buzz to drop 3%, while Affirm bled 5% on nothing but sector mood. Find out why Robinhood is the only one left standing and what that split reveals…

SoFi Technologies (NASDAQ:SOFI | SOFI Price Prediction) stock is down 3% to $17.50 in Wednesday afternoon trade, slipping despite reported chatter that the digital banking platform is tying up with private crypto exchange Kraken for settlement services. That reaction reads as a risk-off session hitting fintech names first.

Affirm Holdings (NASDAQ:AFRM) shares are sliding 5% to $68.75, the sharpest drop among the marquee fintech names we’re featuring today. Meanwhile, Robinhood Markets (NASDAQ:HOOD) stock is holding steady, off just 0.4% to $116.93.

For context, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.4%. Fintech is faring worse: the ARK Blockchain & Fintech Innovation ETF (CBOE:ARKF) is off 1%, with SoFi and Affirm taking the brunt inside the group. SoFi stock had already fallen 33% year to date heading into the session, so today’s slip lands on already bruised sentiment.

Kraken Chatter Falls Flat

The reported Kraken tie-up would extend SoFi’s crypto settlement footprint, though the company hasn’t confirmed the arrangement in any official release. SoFi did flag progress on this front in Q2 2026, when CEO Anthony Noto said the firm “began settling our trading business in SoFiUSD” and started processing on the SoFi Exchange network for its first commercial clients.