SoFi reported 388,336 crypto products, but Q2 net transaction revenue only reached $1.2 million
The filing shows $134.267 million gross, $133.084 million in transaction costs, and no standalone crypto profit figure.
Quick Take
- SoFi recorded $1.183 million in Q2 net crypto transaction revenue after $133.084 million in transaction costs.
- The filing lists 388,336 cumulative crypto accounts but does not disclose how many were active or transacting.
- SoFi does not disclose standalone crypto profit or enough data to calculate per-active-trader economics.
SoFi Technologies, the digital financial services company, reported 388,336 cumulative Crypto products as of June 30. Meanwhile, the company's Q2 filing reported just $1.183 million of net crypto transaction revenue.
The filed earnings release lists $134 million of crypto transaction revenue and $133 million of cost of crypto transaction revenue for the quarter. Their difference left about 0.88% of the gross revenue line as net transaction revenue.
That percentage is not even a profit margin. The $1.183 million is simply the revenue line before broader operating expenses and other costs, and SoFi does not disclose a standalone crypto profit figure.
Why the gross line is so large
In its first-quarter Form 10-Q, SoFi said it records crypto transactions on a gross basis because it acts as principal. It buys digital assets from, or sells them to, third-party liquidity providers before transferring the assets to or from member accounts.
SoFi books money from member buys and sells in its gross crypto revenue line, along with transaction fees after rewards. Most of that money flows straight back out to cover the assets SoFi buys for members and the payments tied to member sales. What remains is net crypto transaction revenue, driven mainly by the fees SoFi collects for handling each order.
The net line improved sequentially from a small base. SoFi reported $852,000 of net crypto transaction revenue in Q1, when $121 million of gross revenue was offset by $120 million of transaction costs. Q2 net revenue was $331,000 higher, an increase of about 38.8%, and the first-half total reached $2 million.
It's worth noting that the two numbers relate to different time periods. SoFi’s tally of 388,336 products covers every crypto account opened through quarter-end. The $1.183 million covers revenue from Q2 alone. So we can't calculate other useful metrics such as per-user take rate, as that would mix cumulative account count with three months of revenue.
SoFi announced the phased launch of consumer crypto trading on Nov. 11, 2025. Q2 shows that net transaction revenue increased after the launch, but not crypto profitability.
