SoFi Technologies, the digital financial services company, reported 388,336 cumulative crypto products as of June 30. However, the company's Q2 filing showed just $1.183 million in net crypto transaction revenue for the quarter. SoFi is one of several U.S. fintech platforms — alongside Robinhood, Block's Cash App, and PayPal — that have integrated crypto trading into broader financial product suites, positioning digital assets as a customer engagement feature alongside lending, banking, and traditional investing.

According to the filed earnings release, SoFi recorded $134 million in gross crypto transaction revenue and $133 million in associated costs for the quarter. The difference left approximately 0.88% of the gross revenue line as net transaction revenue. This figure does not represent a profit margin — the $1.183 million is the revenue line before broader operating expenses and other costs are applied. SoFi does not disclose a standalone crypto profit figure.

Why the Gross Revenue Line Is So Large

In its first-quarter Form 10-Q, SoFi explained that it records crypto transactions on a gross basis because it acts as principal in each trade. The company purchases digital assets from, or sells them to, third-party liquidity providers before transferring the assets to or from member accounts.

SoFi records funds from member buy and sell orders in its gross crypto revenue line, along with transaction fees after rewards. The majority of that money flows back out to cover the cost of assets SoFi acquires on behalf of members and the payments associated with member sales. What remains constitutes net crypto transaction revenue, which is driven primarily by the fees SoFi collects for processing each order.

Sequential Improvement From a Small Base

The net revenue line showed improvement from the prior quarter. SoFi reported $852,000 in net crypto transaction revenue in Q1, when $121 million in gross revenue was offset by $120 million in transaction costs. Q2 net revenue rose by $331,000, representing an increase of approximately 38.8%. The combined first-half total reached $2 million — a modest contribution within SoFi's broader diversified revenue base, which spans lending, technology platform services, and financial services segments.

It is worth noting that the two headline figures cover different time periods. SoFi's tally of 388,336 crypto products represents every crypto account opened through quarter-end. The $1.183 million figure represents revenue from Q2 alone. As a result, metrics such as per-user take rate cannot be reliably calculated, as doing so would conflate a cumulative account count with three months of revenue.

SoFi announced the phased launch of consumer crypto trading on November 11, 2025. Q2 results indicate that net transaction revenue increased following the launch, though standalone crypto profitability remains undisclosed. Future filings will indicate whether member crypto activity continues to scale as the product offering matures.