SoFi reported about $162 million in gross crypto revenue in the third quarter, but kept only about $1.6 million of it after costs. For traders, that gap is the whole story: crypto is bringing SoFi a fast-growing crowd of users, but it is not yet a profit engine on its own, so the next numbers to watch are user growth and whether more of that gross revenue turns into net revenue.
Key points:
- SoFi ended the third quarter with 503,070 crypto products, up from 388,336 at the end of the second quarter, after relaunching crypto investing in late 2025.
- Gross crypto transaction revenue reached $161.6 million, up about 20% from the prior quarter, while net crypto transaction revenue was only about $1.6 million after about $160 million in associated costs.
- SoFi as a whole posted record net revenue of $1.39 billion, up 44% from a year earlier, with net income of $241 million, and its shares rose nearly 15% on the day.
In the third quarter, crypto sat inside a much bigger quarter for SoFi. Total Financial Services products reached 23.2 million, up 44% from a year earlier, and SoFi Invest grew 37% from a year earlier to 4.18 million products. The crypto figure counts products, not people, and it has no meaningful year-earlier comparison because SoFi only returned to crypto investing in the fourth quarter of 2025, after a two-year pause. Today, members can buy, sell and hold dozens of tokens directly from FDIC-insured checking or savings accounts, and the company has since expanded into stablecoins, tokenized deposits and crypto infrastructure.
The reason the net figure is so small is accounting, not a rounding error. Gross crypto transaction revenue includes the value of the digital assets traded, and the costs directly tied to those trades came to about $160 million. That leaves net crypto revenue at roughly 1% of gross revenue, and only a tiny slice of SoFi's overall quarter. Across the first nine months of 2026, net crypto revenue was only about $3.67 million. In other words, crypto is working as a customer magnet, not yet as a money maker.
Read also: Galaxy Digital Swings to $323M Profit, Unveils $200M Buyback — What's Next?
What happens next?
For traders, the honest read is two-sided. On one side, the adoption trend is real: crypto products rose nearly 30% in a single quarter, SoFi raised its full-year guidance, and the stock jumped nearly 15% on the day, even though shares are still down about 40% for the year so far. Crypto users who start inside the SoFi app may go on to use its banking, lending and investing products, and that cross-selling is exactly how SoFi says it builds value per member. On the other side, if net crypto revenue stays near 1% of gross revenue, the crypto line will stay a footnote in earnings, no matter how fast the product count grows.
So the catalysts are easy to track: the crypto product count in the fourth quarter, whether net crypto revenue grows faster than gross revenue, and whether SoFi names new crypto products or partnerships that carry better margins. If the next quarter shows both growth and better conversion, this disclosure will look like the early stage of a real crypto business. If it shows growth with the same thin net, traders should treat SoFi crypto as an engagement story, not an earnings story, for now.
Read also: BNY Adds XRP and RLUSD Custody in Ripple Expansion — What's Next?
— BitByLine News Desk
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Read our full Disclaimer.
Sources: The Block, SoFi