SoFi’s cryptocurrency business generated $161.6 million in gross transaction revenue during the third quarter, but retained just $1.6 million after transaction costs. The striking disparity emerged alongside record companywide revenue, soaring loan originations and 17.1 million members.
Key Takeaways
- SoFi recorded $161.6 million in gross crypto transaction revenue but retained just $1.63 million.
- SoFi reported $241 million in quarterly net income as membership reached 17.1 million.
- SoFi expanded its digital asset operations through SoFiUSD and partnerships with Mastercard and Payward.
Crypto Returns to a Rapidly Expanding Financial Platform
SoFi Technologies (Nasdaq: SOFI) disclosed the figures on Tuesday, 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 $160 million in associated costs, leaving $1.63 million in net crypto transaction revenue. That means approximately 99% of the gross transaction revenue was offset by transaction costs.
SoFi returned to cryptocurrency investing in the fourth quarter of 2025. By Sept. 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.
Record Revenue and Profits Accompany Crypto Expansion
The crypto figures arrived during a record quarter for the financial tech firm SoFi. Generally accepted accounting principles (GAAP) net revenue climbed 44% year over year to $1.39 billion, while net income jumped 73% to $241 million. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $469.8 million, up 70%, with diluted earnings per share reaching 18 cents.
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.
Lending services remained the company’s financial heavyweight. Loan originations reached $16.9 billion, up 71% from the previous year, including $12.6 billion in personal loans and $2.9 billion in student loans. Meanwhile, total deposits increased $5.8 billion during the quarter to $51.3 billion.
Stablecoin Partnerships and Ambitious 2027 Targets
Beyond cryptocurrency trading, SoFi’s broader digital asset strategy includes its SoFiUSD stablecoin, tokenized deposit capabilities, and partnerships with Mastercard and Kraken’s parent company, Payward. The initiatives extend SoFi’s involvement in blockchain-based payments and institutional digital asset services beyond retail trading.
SoFi CEO Anthony Noto described the company’s transformation in the earnings release:
“In less than a decade, we have transformed SoFi from a single-product company into an everything financial app with eight different businesses each generating over $100 million in annualized revenue.”
SoFi raised its 2026 adjusted revenue forecast to $5.04 billion and introduced a 2027 outlook calling for $6.4 billion in adjusted revenue and $1.28 billion in adjusted net income. For all its expanding cryptocurrency ambitions, the quarter’s figures reveal a business generating substantial gross transaction revenue while retaining only a fraction after associated costs.
SoFi shares rallied sharply following the earnings release, climbing more than 13% against the U.S. dollar as of this writing, reflecting a strong market response to the company’s latest financial results. Since the start of 2026, however, SoFi shares have fallen 40%.