SoFi crypto revenue hits $161.6 million gross but nets $1.6 million
SoFi disclosed its crypto product count for the first time at 503,070 and booked $161.6 million of gross crypto transaction revenue, almost all of it offset by costs, in a record third quarter.
A year after returning to digital assets, SoFi is moving a lot of crypto and keeping very little of it. SoFi crypto revenue reached $161.6 million on a gross basis in the third quarter, but after $160.0 million of associated costs the company kept just $1.6 million, according to Crypto Briefing's reading of the results.
What happened
The gap comes from how the trades are booked. SoFi acts as principal when members buy or sell tokens and routes orders to outside liquidity providers, so the gross figure mostly reflects the value of crypto changing hands in the app, not fees. Through the first three quarters of 2026, net crypto revenue has stayed near 1% of the gross figure.
The product count is growing quickly. SoFi Crypto products reached 503,070 at Sept. 30, up from 388,336 at the end of June, the first time the company has published the figure. That is still a small slice of the 23.2 million financial services products SoFi reported. SoFi relaunched crypto trading in the fourth quarter of 2025 after leaving the business.
The wider quarter was a record. Adjusted net revenue rose 44% to $1.4 billion, net income was $241 million, and members grew 35% to 17.1 million, SoFi said. The company raised its 2026 guidance to $5.04 billion of adjusted net revenue and introduced a 2027 outlook of about $6.4 billion and 90 cents of earnings per share.
Lending did much of the work. Total loan originations hit a record $16.9 billion, including about $3.8 billion originated for third parties, and adjusted lending revenue rose 68% to $807.4 million. "Our focus is simple. We are adding more members, who are using more products," chief executive Anthony Noto said. SoFi now has eight businesses with more than $100 million of annualized revenue each.
Why it matters
SoFi crypto revenue shows why headline crypto numbers at brokers need careful reading. Firms that book trades as principal can look like large exchanges on the top line while earning little, so investors comparing SoFi with peers should check whether crypto is reported gross or net. The contrast with Robinhood is useful: its crypto revenue fell 55% in the same quarter.
The strategic value may be distribution rather than profit. Keeping crypto beside lending and banking in one app fits SoFi's push to sell more products to each member, a logic also visible in Schwab's crypto rollout to all clients. SoFi's release did not tie the quarter's beat to crypto, and did not name the tokens traded.
What's next
For SoFi crypto revenue, the things to watch next quarter are whether the net-to-gross ratio moves off about 1%, whether product growth holds and whether SoFi adds new crypto features. Full figures are in SoFi's third-quarter release.
This article is for information only and is not investment advice.