As the leading banks look to enter the cryptocurrency market, SoFi Technologies is beginning to show what the business can contribute to its bottom line.
The American financial services company has announced the results of third quarter of 2026, reporting $1.63 million in net crypto transaction revenue. This figure extends a run of sequential growth since launching its crypto trading service late last year.
As per its official release, SoFi generated $1.633 million in net crypto transaction revenue in Q3 2026, up approximately 38% from $1.183 million in the second quarter. The figure was nearly double the $852,000 reported in Q1, representing growth of approximately 92% over two quarters.
The increase came alongside a rise in gross crypto transaction revenue, which reached $161.606 million in Q3. There’s an increase compared with $134.267 million in Q2 and $121.593 million in Q1.
How SoFi Makes Money From Crypto
SoFi earns crypto revenue primarily by facilitating cryptocurrency purchases and sales made by its members through its platform.
The company launched SoFi Crypto in the fourth quarter of 2025, allowing customers to buy, sell and hold digital assets through its financial services app.
According to its regulatory filings, SoFi fulfils customer orders by purchasing digital assets from, or selling them to, third-party liquidity providers before transferring the assets to or from customers’ accounts.
The company records the transactions on a gross basis because it acts as the principal in these transactions. Consequently, its reported crypto transaction revenue includes the gross consideration received from customer trades, including transaction fees, net of rewards.
The costs associated with acquiring or transferring digital assets are then recorded separately. This explains the difference between the company’s gross crypto transaction revenue and the amount it retains after those costs.
SoFi’s Crypto Business Reaches 503,000 Products
The company’s crypto business has also recorded growth in its customer product base. SoFi reported 503,070 crypto products as of September 30, 2026, in its third-quarter earnings report.
Since Sofi Crypto crypto launch, it has been expanding the infrastructure around that service, including through a partnership with Payward, the company behind crypto exchange Kraken.
Last week, SoFi has also introduced SoFi Earn, or SOFIE, a tokenized deposit that allows customers to earn interest on digital dollars while keeping them available for future use.
Crypto is part of SoFi’s broader financial services offering, which includes banking, investing, credit cards and other financial products.
The company’s financial services segment generated $525.1 million in revenue during the third quarter, an increase of 25% from the same period a year earlier. Its total financial services products increased 44% year-over-year to 23.2 million.
SoFi also reported 17.1 million members across its platform, up 35% from a year earlier, while total products rose 44% to 26.7 million.
Crypto remains a small part of SoFi’s wider business.
Despite the growth, the crypto segment at Sofi remains small. The company reported total net revenue of approximately $1.385 billion in Q3 2026, up 44% year over year. Net income reached $241 million, while its membership base increased 35% year over year to 17.1 million.
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By September 30, SoFi had recorded 503,070 crypto products. The company’s wider Financial Services business also includes banking, investing, money management and other financial products, allowing it to introduce crypto to customers already using its platform.
Net crypto transaction revenue accounted for approximately 0.12% of SoFi’s total Q3 net revenue. That means crypto is not yet a major earnings driver, even as its reported revenue has increased quarter after quarter.
SoFi has also been building out its broader digital-asset strategy. In Q1 2026, the company said it had begun minting SoFiUSD, its US dollar-backed stablecoin, while developing settlement capabilities and working on interoperability between digital assets and fiat currencies.
For now, the quarterly figures point to a crypto business that is expanding from a relatively small base. Whether that growth becomes more meaningful to SoFi’s overall earnings will depend on its ability to attract more customers, increase crypto activity and retain more revenue after transaction costs.
