Real photo of SoFi Stadium for a SoFiUSD stablecoin story.

SoFi Reported $134 Million in Crypto Revenue. The Number Underneath It Changes the Story

By Isaac • July 29, 2026 4:20 pm • Comments

SoFi put a huge crypto number in its second-quarter results: $134.267 million.

That was the company’s gross crypto transaction revenue for the three months ended June 30. It was up about 10% from the first quarter, giving SoFi’s relaunched digital-asset business a clean growth headline.

Then comes the line directly underneath it.

Trending: Binance Changed One Rule. Police Say It Could Cost Them the Race Against Crypto Scammers

SoFi recorded $133.084 million as the cost of generating that crypto transaction revenue. After those costs, the company kept $1.183 million in net crypto transaction revenue.

The gap changes what the quarter says about the business.

Crypto is bringing substantial activity through SoFi’s platform. The economics of facilitating those trades remain extremely thin.

SoFi‘s second-quarter earnings release filed with the SEC lays out the two figures separately. Gross crypto transaction revenue reached $134.267 million, while the associated cost was $133.084 million.

The resulting $1.183 million net contribution represented less than 1% of the gross amount shown in the filing.

The same table shows $255.860 million of gross crypto transaction revenue for the first half of 2026 and $253.825 million of related costs. SoFi retained $2.035 million on a net basis across the two quarters.

Those figures also reveal the quarter-to-quarter trend. Gross crypto transaction revenue rose from $121.593 million in Q1 to $134.267 million in Q2, an increase of roughly 10.4%.

Net crypto transaction revenue climbed from $852,000 to $1.183 million. That is a stronger percentage increase, about 39%, although it still leaves the absolute contribution small beside SoFi’s wider operation.

The company generated $1.219 billion in total net revenue during the quarter. Crypto’s $1.183 million net figure amounted to roughly one-tenth of 1% of that total.

This is where gross volume and business value split apart.

When a customer buys or sells crypto through SoFi, most of the money recorded on the gross transaction-revenue line flows back out through the cost line. Those costs can include the expense of acquiring or disposing of digital assets and the economics paid to outside trading and liquidity partners that help execute customer orders.

The accounting presentation makes the activity look much larger before those costs are removed.

There is nothing improper about showing both lines. SoFi’s filing presents gross revenue, cost and net revenue together, giving investors the information needed to see the economics clearly.

The danger comes from treating the $134 million figure as if it were equivalent to $134 million of high-margin fee revenue.

It is not.

The net number is the better measure of what the crypto trading operation contributed after the direct cost of facilitating transactions.

That does not make the relaunch meaningless. SoFi returned to crypto trading in the fourth quarter of 2025, and three quarters later customers are producing enough activity to generate more than a quarter-billion dollars of gross transaction revenue in six months.

The platform already serves a large audience. SoFi ended Q2 with 15.8 million members, up 35% from a year earlier, and 24.4 million products, up 42%.

Each member who opens an investing, banking, lending or crypto product gives the company another chance to deepen the relationship without paying the full cost of acquiring a new customer from scratch.

That cross-selling engine is central to SoFi’s strategy. Existing members opened 51% of the new products added during the quarter.

Crypto can have value inside that system even before the trading line becomes a major profit center. It can keep assets and activity inside the app, increase engagement, and make SoFi’s investment offering harder to replace with a competing brokerage.

Still, a product that retains less than a penny from each dollar shown as gross transaction revenue has work to do.

SoFi needs greater scale, better execution economics, more fee capture or additional products around the trading relationship if crypto is going to move the company’s earnings in a visible way.

The quarter points toward one possible answer: SoFiUSD.

The filing says Big Business Banking began processing transactions on the SoFi Exchange Network during Q2. Commercial clients can use that network to move money in real time, around the clock, through SoFiUSD.

That places SoFi’s stablecoin effort outside the narrow job of helping retail customers speculate on token prices.

A stablecoin used for business payments can produce a different economic relationship. The company can build services around settlement, cash management, infrastructure and enterprise accounts, while reserve assets may create another source of revenue depending on how the product is structured and regulated.

The opportunity is larger than the $1.183 million net trading line. So are the execution and regulatory demands.

Commercial customers expect reliable settlement, clear redemption terms, strong compliance and enough liquidity to move serious money. A bank-backed brand can help win trust, but it also raises the standard SoFi has to meet.

SoFi‘s investor-relations materials show that the company had a strong quarter far beyond crypto. GAAP net revenue rose 43% year over year to $1.219 billion, net income increased 61% to $156.592 million, and adjusted EBITDA reached $357.821 million.

The company’s 15.8 million members and 24.4 million products both reached records.

Members grew 35% from a year earlier, while the product count increased 42%. The $1.183 million net crypto contribution was therefore a tiny piece of a quarter driven by growth across lending, financial services and SoFi’s technology platform.

Management raised its full-year adjusted net revenue guidance to a range of $4.75 billion to $4.85 billion. That broader performance gives SoFi room to keep building digital-asset products without requiring the crypto desk to carry the company.

It also puts the crypto result in perspective. SoFi’s lending, financial-services and technology businesses are producing the earnings.

Crypto is currently a high-volume, low-net-revenue feature inside that larger machine.

The next few quarters will show whether the economics improve as the relaunch matures.

Three numbers deserve to stay together when that progress is measured: gross transaction revenue, the direct cost of producing it and net crypto revenue.

The first number proves customers are using the product.

The second shows how much of the activity belongs economically to other participants in the transaction.

The third tells shareholders what SoFi actually retained.

For Q2, the company had $134.267 million of crypto transaction revenue and $1.183 million left after the corresponding cost.

That is traction. It is also a margin problem written in plain sight.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.

 

Search ProCoinNews