SoFi bought Golden Pacific Bank, a tiny, nothing bank, and runs their entire infrastructure off of its charter now. FTX was trying to expand into legitimate financial services, buying this bank up would have been a great way to do that if they were an actual financial company

That being said, SoFi bought the entirety of Golden Pacific Bank for $23 million, and they were 20x the size of this bank (as well as having actual mortgage infrastructure and a wide variety of products). Buying 10% of a bank with only $10 million in assets for $12 million is very weird, at the very least it’s a horrible deal