Shares of the digital bank and fintech company SoFi (SOFI 6.17%) traded roughly 8.6% higher, as of 1:26 p.m. ET today, hitting a new 52-week high earlier in the day of $18.92. There's no obvious reason behind the move, but a few reasons could explain the jump.

Riding the momentum

Last week, SoFi announced in a press release that it will offer new crypto initiatives on its platform. As investors may recall, SoFi had offered members the ability to buy certain cryptocurrencies on its investing platform, but had to cease those operations in 2023 due to agreements with regulators. However, with the pro-crypto Trump administration, all systems are a go.

Person looking at computer, holding money, and smiling.

Image source: Getty Images.

In its announcement last week, SoFi said the company will launch global remittances and crypto investing later this year. Perhaps more importantly, SoFi called these new product launches the "first of many planned crypto and blockchain innovations."

Brokerages can get a lift by tapping into the crypto investor community. This could be especially helpful for SoFi, which has a whole flywheel of banking products it can potentially cross-sell to members once they come on to the platform.

Investors also seem to be getting more bullish on interest rate cuts from the Federal Reserve this year. According to CME Group, traders using futures contracts are now placing over a 75% probability of the Fed lowering its federal funds rate by a quarter of a point at its September meeting. That's up from a 66.5% probability just last week.

Making progress, but still expensive

SoFi has made significant progress and shown tremendous growth. In the first quarter of 2025, the company grew revenue 20% year over year and is now generating a profit. There is more potential with the company's tech platform and crypto offerings, and lower interest rates could lead to higher loan volume. However, the stock is still expensive trading at 67 times forward earnings, so I would still wait for cheaper entry points.