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SoFi reports 503,000 crypto products in its first crypto breakout, but keeps only $1.6 million of $161.6 million in crypto revenue
Summary
SoFi reported 503,000 crypto products at the end of the third quarter, the first time its earnings broke out the metric, The Block and Bitcoin Magazine reported (Bitcoin Magazine gave the exact count as 503,070).
Gross crypto transaction revenue was $161.6 million, up 20% from the prior quarter per The Block, but after costs of about $160.0 million net crypto revenue was just $1.6 million, roughly 0.1% of total net revenue, according to Bitcoin Magazine.
The company posted a record quarter overall and its shares rose nearly 15% on Tuesday; Bitcoin Magazine put the gain at 14.6% to $16.56.
The outlets differ on headline figures: The Block cited net revenue of $1.39 billion and shares down 40% this year, while Bitcoin Magazine cited revenue of $1.37 billion and a 44.8% year-to-date decline.
Key facts
- SoFi's net income was $241 million, and its SoFi Invest brokerage grew 37% year over year to 4.18 million products, The Block reported.
- Members placed 218,469 crypto trades in September, up 14% from August, and bitcoin made up 39% of trading volume, per Bitcoin Magazine.
- Bitcoin Magazine said 44% of September traders made their first-ever trade that month, and the median SoFi Crypto member is 36.
- For the first nine months of 2026, net crypto transaction revenue totaled $3.7 million on $417.5 million in gross revenue, Bitcoin Magazine reported.
- SoFi Crypto launched in November 2025 after a two-year pause, letting members buy tokens directly from FDIC-insured accounts, The Block said.
- "We are adding more members, who are using more products, and generating more revenue per product," CEO Anthony Noto said in the release, as quoted by The Block.