SoFi books $161.6M in gross crypto revenue in Q3, keeps $1.6M of it

SoFi shut down its crypto trading unit in December 2023 after becoming a bank holding company subject to Federal Reserve oversight, then relaunched trading only in 2025 once that regulatory posture eased. The move mirrors how fintechs with banking charters, unlike pure exchanges such as Coinbase or Robinhood's crypto arm, have had to treat digital assets as a regulated product line rather than a core business, bolted onto lending, deposits and brokerage rather than standing alone.

SoFi has now broken out crypto products separately for the first time, disclosing 503,000 of them alongside a 20% rise in gross crypto revenue and a company-wide net revenue record of $1.39 billion. For SoFi's roughly ten-million-member base, that product count confirms crypto remains a minority feature used to deepen engagement with an existing bank customer rather than a standalone draw, and the company has no incentive to disclose it as a growth story on its own.

The 0.3% share of financial-services revenue and the gap between $161.6 million gross and $1.6 million net expose a structural question for banks offering crypto: transaction, custody and compliance costs can absorb nearly all of what crypto trading brings in. That reframes crypto at a chartered bank as a loyalty and cross-sell tool rather than a profit center, a trade-off investors in SoFi's stock, not its crypto volumes, will keep pricing.

Whether SoFi's net crypto take grows alongside gross revenue in its next quarterly filing will show if the 38% quarter-on-quarter rise in net transaction revenue was a one-off or a trend. Watch also whether SoFi expands past spot trading into crypto-backed lending or stablecoin products, the kind of higher-margin services that would let a bank holding company justify keeping crypto on its books rather than treating it as a regulatory-compliance line item.