SoFi Crypto Revenue Hits $134M, Nets Just $1.2M

SoFi Technologies generated $134.3 million in cryptocurrency transaction revenue in the second quarter, but after $133.1 million in transaction costs the business contributed only about $1.2 million in net revenue. That compares with roughly $850,000 in net crypto revenue in the first quarter. The figure remains modest against SoFi's record $1.2 billion in quarterly adjusted net revenue, underscoring that digital assets are not yet a major earnings driver.

Still, the growth reflects SoFi's broader push to weave crypto into its existing financial ecosystem. The fintech relaunched cryptocurrency trading and investing services in late 2025 and has since connected digital asset products with banking, payments and institutional services. Rather than operating as a standalone crypto exchange, SoFi is introducing digital assets to its banking customers and using crypto infrastructure across consumer accounts, commercial payments and institutional offerings.

Stablecoin Push

During the quarter, SoFi's Big Business Banking platform began processing transactions through the SoFi Exchange Network, enabling commercial clients to transfer funds around the clock using SoFiUSD, the company's dollar-pegged stablecoin. SoFi made SoFiUSD available to members through its banking app in May, allowing them to buy, sell, hold and convert the token on Ethereum and Solana. The company also outlined plans for tokenized deposits backed by FDIC-insured bank deposits, cross-border transfers and an institutional integration with the Bullish crypto exchange.

Analysts at William Blair maintained an Outperform rating on SoFi shares, pointing to crypto and Big Business Banking as contributors to a product growth inflection point. The firm noted that the number of products per member rose to 1.54 from 1.46 a year earlier. SoFi's model depends on customers using multiple services such as deposits, loans, investing, credit cards and digital assets within one platform, which can lower acquisition costs and increase revenue from existing members. SoFi Plus was also cited as a key engagement and monetization driver.

The longer-term question is whether SoFiUSD can become meaningful payment infrastructure. SoFiUSD faces competition from established stablecoins, bank-backed digital payment products and blockchain networks run by other financial companies. SoFi may have an edge as a regulated bank that can link stablecoin activity with deposits and payment services, but scale will depend on business adoption for recurring payments, treasury transfers or cross-border settlement, as well as reliable conversion into bank deposits. For now, the second-quarter figures show crypto remains a developing business rather than a central profit source.