SoFi Technologies reported $161.6 million in gross cryptocurrency transaction revenue for the third quarter of 2026, up approximately 20% from the previous quarter. After deducting associated costs, net crypto transaction revenue stood at $1.633 million. The company disclosed 503,070 crypto products at the end of September, alongside record quarterly net revenue of approximately $1.39 billion and net income of $241 million. The figures highlight growing crypto activity while showing how little of the gross transaction revenue remained after associated costs.
Key Takeaways
- Gross crypto transaction revenue: $161.6 million, up about 20% quarter over quarter.
- Net crypto transaction revenue: $1.633 million after associated costs.
- Crypto products: 503,070 at September 30, 2026.
- Company-wide results: Approximately $1.39 billion in quarterly net revenue and $241 million in net income.
Crypto Returns to a Rapidly Expanding Financial Platform
SoFi Technologies (Nasdaq: SOFI) disclosed the figures in its third-quarter earnings release, offering a closer look at the economics of its renewed cryptocurrency business.
The company reported $161.6 million in crypto transaction revenue against approximately $160 million in associated costs, leaving $1.633 million in net crypto transaction revenue. That means approximately 99% of the gross transaction revenue was offset by transaction costs.
By September 30, 2026, its crypto product count had reached 503,070, placing digital assets within a financial services portfolio spanning banking, investing, credit cards and lending.
SoFi began rolling out its renewed crypto service on November 11, 2025, after previously pausing its cryptocurrency services.
Understanding the Difference Between Gross and Net Crypto Revenue
For investors assessing the trading business, the distinction is that gross revenue includes the value of the digital assets changing hands, rather than just the fees SoFi earns.
Its accounting policy defines the corresponding costs as amounts paid to acquire crypto sold to members or remitted in connection with member sales. Net crypto revenue primarily consists of transaction fees, not profit after operating expenses.
SoFi records the trades on a gross basis because it acts as principal: it buys from or sells to third-party liquidity providers before transferring assets to or from a member. The company says it controls the asset around that transfer, is responsible for fulfilling the transaction and has discretion over the price charged to members.
The net amount retained represented roughly 1.01% of reported gross crypto revenue in Q3, compared with 0.88% in Q2, according to calculations from the company’s disclosures. That ratio describes the revenue retained after asset-related costs; it is not the trading business’s operating profit margin.
In its second-quarter results, SoFi reported $134.27 million in gross crypto transaction revenue, $133.08 million in corresponding costs and $1.183 million net. Net crypto revenue therefore grew approximately 38% sequentially, faster than gross revenue.
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Record Revenue and Profits Accompany Crypto Expansion
The crypto figures arrived during a record quarter for SoFi. Generally accepted accounting principles (GAAP) net revenue climbed 44% year over year to approximately $1.39 billion, while net income reached $241 million, according to the company’s third-quarter earnings release.
Membership expanded 35% to 17.1 million users, including 1.2 million new members during the quarter. Total financial products climbed to 26.7 million, with existing customers accounting for 51% of new product openings.
SoFi Invest’s brokerage products reached 4.18 million, representing 37% year-over-year growth. The expansion places cryptocurrency within a broader financial services platform rather than making it the company’s sole growth driver.
Stablecoins and Digital Asset Infrastructure
Beyond cryptocurrency trading, SoFi’s broader digital asset strategy includes its SoFiUSD stablecoin, tokenized deposit capabilities, and partnerships with Mastercard and Payward, the parent company of Kraken.
These initiatives extend SoFi’s involvement in blockchain-based payments and institutional digital asset services beyond retail trading.
The company’s next challenge is to grow the business while improving the amount of revenue retained after transaction costs. Although crypto product numbers and gross transaction revenue are increasing, net crypto transaction revenue remains a small contribution relative to SoFi’s overall results.
Outlook
SoFi’s third-quarter disclosure provides a clearer picture of its renewed cryptocurrency business. The increase in gross transaction revenue and crypto products points to growing activity, while the $1.633 million net figure highlights the importance of examining associated costs alongside headline trading revenue.
Future performance will depend on whether SoFi can expand customer usage, develop its stablecoin and tokenized deposit offerings, and increase the revenue it retains from crypto transactions. For investors, gross trading figures alone do not establish the business’s profitability.
FAQs
1. How much crypto transaction revenue did SoFi report in Q3 2026?
SoFi reported approximately $161.6 million in gross crypto transaction revenue for the third quarter of 2026, up about 20% from Q2.
2. How much net crypto transaction revenue did SoFi retain?
Net crypto transaction revenue was $1.633 million after associated costs.
3. How many crypto products did SoFi have?
SoFi reported 503,070 crypto products as of September 30, 2026.
4. Why is SoFi’s net crypto revenue much lower than its gross revenue?
SoFi records crypto transactions on a gross basis because it acts as principal in customer trades. The reported gross figure includes amounts associated with digital assets changing hands, while associated acquisition and transaction costs substantially reduce the net revenue retained.
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