SoFi Falls Despite Reported Kraken Tie-Up; Affirm Drops Sharply While Robinhood Holds Steady
Fintech stocks faced a broad sell-off on Wednesday as SoFi Technologies (NASDAQ:SOFI) fell 3% to $17.50 and Affirm Holdings (NASDAQ:AFRM) dropped 5% to $68.75, despite unconfirmed reports of a potential partnership with crypto exchange Kraken for settlement services. Robinhood Markets (NASDAQ:HOOD), however, remained relatively stable at just -0.4%, supported by strong Q2 revenue and broader market resilience. The ARK Blockchain & Fintech Innovation ETF also declined 1% as the sector struggled amid a risk-off environment. SoFi’s stock had already fallen sharply year-to-date before this session's drop, while Affirm showed no immediate catalyst for its decline beyond general fintech weakness. Robinhood benefited from recent infrastructure announcements and diversified revenue streams across multiple financial products. The S&P 500 ETF also dipped slightly by 0.4%, reflecting broader market caution.
