SoFi reports 388,336 crypto products; Q2 crypto net revenue $1.2M

SoFi Technologies reported 388,336 cumulative crypto products at June 30 and net crypto transaction revenue of $1.183 million for the second quarter.

The company’s Form 10-Q shows $134.267 million in gross crypto transaction revenue and $133.084 million in cost of crypto transaction revenue for Q2, resulting in the $1.183 million net transaction figure.

SoFi records crypto trades on a gross basis because it acts as principal in transactions. The firm buys digital assets from, or sells them to, third-party liquidity providers before transferring assets to or from member accounts. Member buys and sells and the associated fees appear in the gross revenue line, while most of that amount flows out to cover the cost of the acquired assets and payments tied to member sales.

The $1.183 million net crypto transaction revenue represents the remainder after those transaction costs and reflects fees and other residuals collected for handling orders. That net amount is about 0.88% of the $134.267 million gross transaction revenue and is reported before broader operating expenses and other costs.

SoFi did not disclose a standalone crypto profit figure or how many of the 388,336 cumulative crypto products were active or transacting during the quarter. The account total is cumulative through quarter-end, while the net revenue covers only Q2, which prevents calculation of per-active-user metrics from the disclosed figures.

Net crypto transaction revenue rose from $852,000 in Q1 to $1.183 million in Q2, an increase of $331,000 or about 38.8%. The first-half total for net crypto transaction revenue was roughly $2.035 million.

SoFi began a phased launch of consumer crypto trading on Nov. 11, 2025. The Q2 results show higher net transaction revenue following that launch, but the company’s filings do not include a separate profit measure for crypto operations.

SoFi Technologies offers lending, banking and investment products alongside its crypto trading service. The company’s public filings provide cumulative product counts and gross-versus-net transaction lines but do not disclose detailed measures of trading activity or crypto profitability.