[Form 4] SoFi Technologies, Inc. Insider Trading Activity

Rhea-AI Filing Summary

SoFi Technologies (SOFI) Chief Technology Officer Jeremy Rishel has reported a significant insider transaction on June 20, 2025. The executive sold 66,847 shares at a price of $15.55 per share, resulting in a transaction value of approximately $1.04 million.

Following the transaction, Rishel continues to hold 724,321 shares directly. The sale was executed according to a Rule 10b5-1 Trading Plan established on May 23, 2024, which provides a pre-scheduled trading framework to help avoid accusations of insider trading.

Key transaction details:

• Transaction Type: Sale of Common Stock
• Ownership Type: Direct Ownership
• Trading Plan: Executed under Rule 10b5-1
• Filing Status: Form 4 filed within required timeframe

Positive

• The Chief Technology Officer retains a significant stake of 724,321 shares after the transaction, demonstrating continued alignment with shareholder interests
• The sale was executed according to a pre-planned Rule 10b5-1 Trading Plan established in May 2024, indicating this was not a reactive sale based on non-public information

Negative

• Chief Technology Officer Jeremy Rishel sold 66,847 shares at $15.55 per share, representing approximately 8.4% of his holdings
• The insider sale totaling approximately $1.04 million could signal reduced confidence in near-term stock appreciation potential

Insights

Insider Trading Analyst

Jeremy Rishel's sale of 66,847 SOFI shares at $15.55 represents a significant transaction but appears to be part of a planned selling program rather than a reactive decision. The Rule 10b5-1 plan established in May 2024 indicates this sale was scheduled over a year ago, limiting its value as a current sentiment indicator. The CTO still maintains substantial skin in the game with 724,321 shares (approximately $11.3 million at current price).

This represents roughly an 8.5% reduction in his holdings, which is moderate for executive portfolio management. SOFI executives have historically sold portions of their holdings periodically for diversification and liquidity needs. Without seeing unusual volume or pattern changes across multiple insiders, this single transaction doesn't constitute a red flag.

The $15.55 execution price is noteworthy as it may represent a price target the executive considered favorable when establishing the trading plan last year. Investors should monitor whether other C-suite executives follow with sales in the coming weeks, which would provide a stronger signal about internal outlook.

Fintech Industry Specialist

This transaction occurs during a critical phase for SoFi as the company continues its transformation from student loan refinancing specialist to full-service financial platform. The CTO's sale at $15.55 comes as SoFi has been expanding its technology infrastructure to support banking services, investing products, and credit offerings while facing increased competition from both traditional banks and emerging fintech players.

Technology leadership is particularly crucial for SoFi's differentiation strategy. While planned selling through a 10b5-1 plan is routine, the timing intersects with industry-wide challenges including rising customer acquisition costs, potential regulatory headwinds for fintech lenders, and increasing pressure on digital banking margins. The stock has experienced significant volatility over the past 24 months as investors reassess growth prospects against profitability timelines.

Rishel retaining over 724,000 shares suggests continued confidence in SoFi's technological roadmap. However, investors should evaluate this transaction in context of SoFi's recent product launches, technology investments, and customer growth metrics to determine whether the company maintains its competitive technological edge in the increasingly crowded fintech space.

Corporate Governance Expert

This Form 4 filing exemplifies proper insider trading compliance protocols with the sale executed under a Rule 10b5-1 plan established over a year before the transaction. This approach represents best practices in corporate governance as it demonstrates the company's commitment to transparency and regulatory compliance in executive trading activities.

The timing between plan establishment (May 2024) and execution (June 2025) provides sufficient separation to mitigate concerns about trading on material non-public information. The Attorney-in-Fact signature structure also indicates SoFi has formalized processes for insider trading compliance, which reduces regulatory risk exposure for both the company and shareholders.

With approximately 9% of his holdings sold, Rishel maintains substantial equity alignment with shareholders. This balanced approach to insider ownership – allowing executives to diversify personal finances while maintaining significant equity stakes – typically creates healthier governance structures than either complete retention (creating risk aversion) or aggressive selling (signaling lack of confidence). The governance implications here are neutral to positive, demonstrating disciplined execution of predetermined trading plans rather than reactive selling.

Portfolio Manager

From an investment perspective, this transaction offers useful but limited information about SoFi's current trajectory. The CTO's sale represents approximately $1.04 million in proceeds at $15.55, which appears to be personal portfolio management rather than a conviction-driven exit. When evaluating insider transactions, I typically look for clusters of selling/buying or disproportionate position changes, neither of which is evident here.

More telling for SoFi's valuation is the stock price context – at $15.55, SoFi trades at approximately 3.1x forward revenue based on consensus estimates, positioning it between traditional financial institutions (typically 1-2x) and high-growth technology platforms (5-8x). The company's ability to justify this multiple depends on successfully executing its strategy to increase product adoption per customer and driving operational leverage.

For portfolio positioning, this isolated transaction doesn't warrant position changes. More relevant factors include SoFi's upcoming quarterly results, net interest margin trends amid the current rate environment, and customer acquisition efficiency metrics. Investors should evaluate SoFi against both traditional banks and fintech competitors, focusing on deposit growth, technology development pace, and unit economics rather than reacting to routine insider selling under predetermined plans.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Rishel Jeremy

(Last) (First) (Middle)

C/O SOFI TECHNOLOGIES, INC.

234 1ST STREET

(Street)

SAN FRANCISCO CA 94105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SoFi Technologies, Inc. [ SOFI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Technology Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/20/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/20/2025		S		66,847(1)	D	$15.55	724,321	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sale reported on this Form 4 was completed pursuant to a Rule 10b5-1 Trading Plan adopted by the Reporting Person on May 23, 2024.

Remarks:

	/s/ Deanna M. Smith, Attorney-in-Fact	06/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many SOFI shares did CTO Jeremy Rishel sell on June 20, 2025?

According to the Form 4 filing, SOFI's Chief Technology Officer Jeremy Rishel sold 66,847 shares of common stock on June 20, 2025.

What was the sale price of SOFI shares in CTO Jeremy Rishel's recent transaction?

The shares were sold at a price of $15.55 per share, as reported in the Form 4 filing dated June 25, 2025.

How many SOFI shares does Jeremy Rishel own after his June 2025 sale?

Following the reported transaction, Jeremy Rishel directly owns 724,321 shares of SOFI common stock.

Was SOFI CTO Jeremy Rishel's stock sale part of a 10b5-1 trading plan?

Yes, the Form 4 filing indicates that the sale was completed pursuant to a Rule 10b5-1 Trading Plan that was adopted by Rishel on May 23, 2024.