SoFi logged $1.183 million in net crypto transaction revenue for the second quarter, up 38.8% from the $852,000 it reported in Q1. The fintech firm now counts 388,336 cumulative crypto products on its platform as of June 30. But the numbers also show just how thin the margins are: gross crypto transaction revenue hit $134 million, while the cost of that revenue ate up $133 million.
Net revenue growth, but no profit figure
SoFi records crypto transactions on a gross basis because it acts as principal — meaning it buys and sells crypto directly to users. That $1.18 million net figure is what's left after covering the cost of the crypto itself. The company doesn't disclose a standalone crypto profit number, so it's impossible to say whether the unit is actually profitable after operating expenses.
For context, net crypto transaction revenue represents just 0.88% of the gross revenue from those trades. First-half total net crypto revenue reached $2 million.
What drove the Q2 bump
SoFi launched consumer crypto trading on November 11, 2025. Net revenue has increased since then, but the company hasn't said whether that growth is coming from more users, higher trading volumes, or better spreads. The 38.8% sequential jump in Q2 suggests momentum is building, but the absolute numbers are still small for a firm that reported over $600 million in total adjusted net revenue last quarter.
SoFi's crypto business is growing, but it's not yet a meaningful driver of earnings. The $1.18 million in net revenue is a rounding error against the company's broader financials. The real question — one SoFi hasn't answered — is whether the unit can ever generate enough volume to cover the costs of running a crypto exchange. The launch is only eight months old. That's not a lot of time to build a profitable book.
