SoFi's Crypto Trading Grossed $161.6M in Q3 but Netted $1.63M

SoFi's Crypto Trading Gap

SoFi Technologies booked $161.6 million in gross spot trading revenue from crypto during the third quarter and kept only $1.63 million of it after transaction costs, according to the company's Q3 earnings release filed with the SEC. The arithmetic is stark: execution costs absorbed roughly 99% of gross trading revenue, leaving a net contribution measured in seven figures against a company that clears more than a billion dollars a quarter. SoFi re-entered consumer crypto in the fourth quarter of 2025, launching SoFi Crypto on November 11, 2025 as the first nationally chartered US bank to offer direct token trading for members, who can buy and hold Bitcoin (BTC), Ether (ETH) and Solana (SOL) from FDIC-insured checking or savings accounts, though the assets themselves carry no insurance. As of September 30, 2026, the platform counted 503,070 crypto products, folding digital assets into a lineup that also spans banking, investing, credit cards and loans. The net line is thin, but it moves in one direction. SEC filings put net crypto revenue at roughly $850,000 in Q1 and $1.2 million in Q2, when gross revenue of $134.3 million met $133.1 million in costs. The third quarter's $161.6 million gross figure extends that climb, with costs reaching about $160 million in the period. The cost structure explains the squeeze: every trade executed for a member carries an embedded spread, comparable to a market-maker margin, so costs scale one for one with volume and slippage-style execution fees rise alongside the top line rather than behind it. The company has not said when it expects net crypto revenue to become material.

A Record $1.39B Quarter

Crypto sits inside a record quarter, and the reported figures include the relaunched business. GAAP net revenue rose 44% year over year to $1.39 billion, net income jumped 73% to $241 million, and adjusted EBITDA reached a record $469.8 million, up 70%, with diluted earnings of $0.18 per share. Membership grew 35% to 17.1 million, including 1.2 million new members in the quarter, and total financial products climbed to 26.7 million, with existing customers opening 51% of new products. Lending remains the financial backbone: originations hit $16.9 billion, up 71% year over year, split between $12.6 billion in personal loans and $2.9 billion in student loans, while deposits added $5.8 billion to reach $51.3 billion. The Financial Services segment, home to the crypto business, grew 25% year over year to $525.1 million, with growth driven by Money, Relay, Invest and the credit card rather than digital assets. Management raised its 2026 adjusted net revenue outlook to $5.04 billion and laid out a 2027 target of $6.4 billion in adjusted revenue with $1.28 billion in adjusted net income. CEO Anthony Noto framed the quarter as proof of the company's transformation: “In less than a decade, we have transformed SoFi from a single-product company into an all-in-one financial app, with eight business segments each generating more than $100 million in annualized revenue,” he said, adding that conviction in the opportunity ahead “has never been greater.” Markets rewarded the platform rather than the crypto line: the stock closed Monday at $14.46, rose to $16.08 in premarket trading on Tuesday, and had gained more than 13% by the time of the latest reading, though it remains down 40% since the start of 2026.

Infrastructure Over Trading Fees

The filings make the strategy legible: SoFi is building crypto plumbing rather than chasing trading fees. Since the relaunch, the company has rolled out its SoFiUSD stablecoin, struck a September agreement with Payward, the parent of Kraken, to list the token and connect the two settlement networks, and moved its entire $25 billion card program to SoFiUSD settlement on Mastercard's network, letting merchants draw settlement funds as cash around the clock. Noto has called blockchain a “super cycle” comparable to artificial intelligence and said it will “fundamentally change every way finance is done throughout the world.” For now the numbers argue he is early: net crypto revenue of $1.63 million amounts to roughly 0.3% of Financial Services segment revenue. The test over the coming quarters is whether that line can scale into something that matters against a company guiding toward $6.4 billion in 2027 revenue, and whether the infrastructure bet, not the spread on retail trades, is what eventually pays.