Bitcoin Trades Around $85,000 as SoFi Shares Give Up Gains

Bitcoin traded around $85,000 after rising more than 5% over the past 24 hours and closing above its 50-week moving average for the first time in 45 weeks. The move was fueled in part by a short squeeze in the derivatives market. Crypto-linked equities including Strategy, MARA Holdings and Coinbase were also trading higher. SoFi Technologies shares had traded higher earlier but later pared those gains and were roughly flat. SoFi offers crypto trading, its own SoFiUSD stablecoin and blockchain-based payments through a partnership with Lightspark. Its net crypto revenue totaled $2.0 million in the first half of 2026, so the stock's participation in crypto rallies tends to reflect investor sentiment and thematic positioning more than a direct financial benefit. SoFi shares rose more than 5% during a similar Bitcoin-driven rally on August 21, although their early gains had faded in this session. At the time of publication, SoFi shares were trading at $16.95, according to Benzinga Pro.