SoFi Technologies (Nasdaq: SOFI) generated $161.6 million in gross cryptocurrency transaction revenue during the third quarter, but retained just $1.63 million after $160 million in associated transaction costs, according to the company’s quarterly earnings release. The disclosure offers a detailed look at the economics of SoFi’s renewed crypto business, where roughly 99% of gross transaction revenue was offset by costs.
Crypto Returns to a Broad Financial Platform
SoFi re-entered cryptocurrency investing in the fourth quarter of 2025. By Sept. 30, 2026, its crypto product count had reached 503,070, placing digital assets within a portfolio that also spans banking, investing, credit cards and lending.
Record Revenue and Profits
The crypto figures arrived in a record quarter for the financial technology firm. GAAP net revenue climbed 44% year over year to $1.39 billion, while net income jumped 73% to $241 million. Adjusted EBITDA reached $469.8 million, up 70%, and diluted earnings per share came in at 18 cents.
Membership expanded 35% to 17.1 million users, including 1.2 million new members during the quarter. Total financial products climbed to 26.7 million, with existing customers accounting for 51% of new product openings.
Lending remained the company’s largest business. Loan originations reached $16.9 billion, up 71% from the previous year, including $12.6 billion in personal loans and $2.9 billion in student loans. Total deposits increased $5.8 billion during the quarter to $51.3 billion.
Stablecoin Partnerships and 2027 Targets
Beyond crypto trading, SoFi’s digital asset strategy includes its SoFiUSD stablecoin, tokenized deposit capabilities, and partnerships with Mastercard and Kraken’s parent company, Payward. The initiatives extend SoFi’s involvement in blockchain-based payments and institutional digital asset services beyond retail trading.
CEO Anthony Noto described the company’s transformation in the earnings release: “In less than a decade, we have transformed SoFi from a single-product company into an everything financial app with eight different businesses each generating over $100 million in annualized revenue.”
SoFi raised its 2026 adjusted revenue forecast to $5.04 billion and introduced a 2027 outlook calling for $6.4 billion in adjusted revenue and $1.28 billion in adjusted net income.
For all its expanding cryptocurrency ambitions, the quarter’s figures reveal a business generating substantial gross transaction revenue while retaining only a fraction after associated costs.
SoFi shares rallied sharply following the earnings release, climbing more than 13% against the U.S. dollar as of this writing. Since the start of 2026, however, SoFi shares have fallen 40%.
