SoFi Reports $161.6 Million in Q3 Crypto Transaction Revenue, Nets $1.6 Million

SoFi Technologies generated $161.6 million in crypto transaction revenue in the third quarter, while $159.973 million in related costs left $1.633 million in net crypto transaction revenue.

Net crypto transaction revenue climbed from $1.183 million in Q2, when the gross line was $134.267 million and related costs were $133.084 million. The Q3 gross figure was about 20% higher than Q2, while net crypto transaction revenue increased about 38%.

For the nine months ended Sept. 30, crypto transaction revenue totaled $417.466 million, costs were $413.798 million and net crypto transaction revenue was $3.668 million. The year-to-date figures show a similar gap between the gross revenue line and the amount remaining after related costs.

The difference reflects SoFi’s accounting for member trades. SoFi acts as principal, buying digital assets from or selling them to third-party liquidity providers before transferring the assets to or from members. It records the full transaction amount as revenue and the related asset purchases or sale remittances as expenses. This treatment reflects SoFi’s control of assets in the transactions, responsibility for fulfilling orders and role in setting prices for members. Net crypto transaction revenue primarily consists of fees for facilitating members’ buy and sell orders.

The $161.606 million revenue line is not a measure of crypto trading volume. The $1.633 million figure is net transaction revenue, not a separately reported crypto operating profit. SoFi did not allocate broader operating expenses to its crypto business, so the figure does not show the business’s overall profitability.

Net crypto transaction revenue was about 0.12% of SoFi’s $1.385 billion in total net revenue for the quarter. The company also recorded $240.989 million in net income, and total net revenue rose 44% from a year earlier.

SoFi’s Crypto product count stood at 503,070 at Sept. 30, up from 388,336 at June 30. The metric counts Crypto accounts opened through its platform, not active traders.

SoFi launched its Crypto product in Q4 2025, and its Q3 results contain no year-earlier comparison for crypto transaction revenue.