Almost all of this week’s content was already sent.

Next week, I'll be sending earnings reviews on Robinhood, Shopify and Datadog. I'll also be sending coverage of the Starbucks Investor Day.

SoFi’s IR team posted a letter detailing the two capital raises from last year and SoFi’s plans for the proceeds. It was all a repeat of previous conversation on their earnings calls that we’ve already covered. They raised $3.3B to pay off the rest of their warehouse debt and add more flexibility to pursue their long-term growth roadmap. As I talked about in the review, this is the rest of their warehouse credit, so future capital raises to optimize the balance sheet are much less likely. I liked both of these raises, as they bolstered tangible book value (TBV) per share by eliminating expensive debt and the coinciding net interest income boost. Still, these moves for a battleground stock like SoFi naturally create noise and speculation from the skeptics, so I’m glad they will not have this ammo going forward.

In other news, the EVP of SoFi’s Borrow unit boosted his stake by 2% via a $100,000 open market purchase this week.

Lastly, comments from SoFi’s Liz Young led to speculation over SoFi entering the prediction market space. I understand the temptation, but I don’t love this and hope they exclude sports if they do make the decision. SoFi’s aim to “get your money right” is not supported by letting their customers bet on Wolverines moneyline with their retirement funds. That does the complete opposite of what SoFi is trying to achieve and would be counterproductive, in my opinion. There is no formal news on an imminent product launch, and I hope there isn’t one in the future. There are so many things it can do to find growth in ways that take care of its members rather than prey on them.

Leave sports gambling to the books that at least are being honest about the products they’re offering consumers.

JP Morgan upgraded SoFi to buy after earnings and the other sell-siders maintained their ratings.