SoFi Technologies, a digital bank and financial services provider, posted $161.6 million in crypto transaction revenue for the third quarter of 2026, according to its recent earnings report filed with the SEC. After accounting for a $160 million cost related to crypto transactions, the company’s net crypto transaction revenue stood at $1.6 million for the period.
Crypto operations and revenue details
SoFi’s income statement lists the $1.6 million figure as “net crypto transaction revenue.” This amount represents just 1% of the gross crypto transaction revenue line and approximately 0.1% of SoFi’s total net revenue, which reached $1.385 billion for the quarter.
The company did not specify what constitutes the “cost of crypto transaction revenue.” However, a footnote clarified that the net revenue mainly reflects fees SoFi earns from processing buy and sell orders for its members.
Expenses related to marketing, technology, or staffing specific to crypto operations were not separately disclosed. As a result, the $1.6 million reported serves only as the margin from transaction activity and does not reflect overall profitability from SoFi’s crypto business.
SoFi noted that, “The net figure primarily reflects transaction fees collected for facilitating crypto trades on behalf of members,” with other expenses not distinctly itemized.
Growth in crypto accounts and quarterly comparisons
During the quarter, SoFi reported a rise in the number of crypto accounts, with 503,070 products counted as of September 30. This marked an increase from 388,336 at the end of June. The figure represents the number of SoFi Crypto accounts created on the platform, not necessarily active or funded accounts.
Looking over the first nine months of 2026, SoFi recorded $417.5 million in gross crypto transaction revenue and $3.7 million in net crypto transaction revenue.
Both gross and net crypto transaction revenues showed quarter-on-quarter growth. In the previous quarter, SoFi posted $134.3 million in gross crypto revenue and $1.2 million net, representing a 20% increase in gross and a 38% jump in net revenue for the third quarter.
| Quarter | Gross Crypto Revenue | Net Crypto Revenue | Crypto Products (Accounts) |
|---|---|---|---|
| Q2 2026 | $134.3 million | $1.2 million | 388,336 |
| Q3 2026 | $161.6 million | $1.6 million | 503,070 |
Broader context and product developments
SoFi’s net income for the third quarter reached $241 million, up 73% compared to the same period the previous year. The digital bank reported a total membership of 17.1 million.
For comparison, Robinhood, another major fintech company, also released third-quarter results on Tuesday. Robinhood reported $120 million in cryptocurrencies revenue, marking a decline of 55% year over year.
SoFi Crypto relaunched in the fourth quarter of 2025, representing the company’s renewed push into crypto investing. Recently, SoFi introduced SOFIE, an interest-bearing tokenized deposit, allowing its members to swap SOFIE one-for-one into SoFiUSD, the platform’s proprietary stablecoin. The earnings report did not reference these new tokens.
Mini dictionary: SoFi Technologies is a US-based digital banking and personal finance company, offering services including loans, investment accounts, and cryptocurrency trading.
