SoFi's return to crypto services brought in $121.6 million in the first quarter of 2026 — but nearly every dollar went back out the door to cover costs, according to the company's latest financial report. The numbers show the challenge of rebuilding a crypto business from scratch after the firm paused retail trading in late 2023.
The cost of doing business
The $121.6 million figure represents gross revenue from SoFi's crypto arm in Q1. But the company disclosed that the vast majority of that sum was consumed by direct expenses — think transaction fees, custody costs, and infrastructure. The result? A razor-thin margin that left little to show for a relaunch that was supposed to be a growth driver.
SoFi didn't break out exact profit or loss, but the implication is clear: the unit isn't self-sustaining yet. It's spending heavily to acquire users and handle the operational lift of trading, custody, and compliance. The timing isn't great — the broader crypto market has been choppy this year, and regulators are still circling.
SoFiUSD enters enterprise payments
SoFi launched its own stablecoin, SoFiUSD, back in December for enterprise payments. The idea wasn't to compete with retail stablecoin giants like USDC or USDT, but to carve out a niche in B2B settlement. In a separate move, the company partnered with Mastercard to handle settlement rails, giving corporate clients a way to move value using SoFiUSD and have it settle through Mastercard's existing network.
That partnership is still young. It's not clear how much volume SoFiUSD has moved since launch, or whether enterprise clients are biting. But the stablecoin play is a different bet than the retail trading business that's bleeding cash. If SoFi can get enough corporate users to adopt SoFiUSD for cross-border payments or treasury operations, the cost structure looks a lot better than running a retail exchange.
For now, SoFi's crypto division is burning through revenue to keep the lights on. The Q1 numbers are a reminder that relaunching a crypto product isn't cheap — and profitability is still a ways off.
