SoFi's return to crypto has drawn nearly 400,000 accounts, but the U.S. online bank still gets less than 0.1% of its revenue from the business, according to Q2 results released on Wednesday, July 29.
- The company made nearly $1.2 million in net crypto transaction revenue during the three months ended June 30, which is equivalent to 0.097% of its $1.2 billion in total net revenue.
- The number of SoFi Crypto accounts reached 388,336, up from 239,509 at the end of March.
A comparison of SoFi's quarterly disclosures by The Coinformer shows that crypto accounts grew 62% during the quarter, while net revenue from the service increased 39% from $852,000. So while adoption continued to rise, revenue still failed to keep pace.
SoFi's second-quarter crypto revenue breakdown. Source: SoFi
SoFi's income statement initially makes the business look much larger. The bank recorded $134.2 million in gross crypto transaction revenue alongside $133 million in corresponding costs, leaving just 0.88% of the gross amount as net transaction revenue.
The gap mostly comes from how SoFi reports crypto trades, not because it loses 99% on them. SoFi briefly takes control of the crypto and uses outside trading firms to complete each order. It therefore counts the full value of the trade as revenue and records almost the same amount as a cost, according to its regulatory filings.
The remaining $1.2 million is transaction revenue, not profit. SoFi hasn't disclosed the crypto service's operating expenses, meaning its profitability can't be determined from the results.
SoFi began restoring crypto trading in late 2025 after withdrawing from the market in 2023. Its first reported count covered Dec. 22 through Dec. 31 and included 63,441 accounts. That rose to 239,509 in March and 388,336 in June, according to its quarterly disclosures.