Nationally chartered U.S. bank SoFi reported that its recently relaunched crypto business generated $121.6 million in transaction revenue during the first quarter of 2026. This marks the first detailed disclosure of the unit’s economics since SoFi returned to the crypto space in late 2025. However, the revenue was nearly entirely offset by $120.7 million in related transaction expenses, leaving a net crypto transaction revenue of just $852,000.
According to the company's quarterly filing, SoFi records crypto transactions on a gross basis because it acts as principal. It buys digital assets from or sells them to third-party liquidity providers before transferring them to or from customer accounts. This brokerage-style model avoids directional risk.
SoFi also reported earnings of $0.12 per share on a GAAP basis, or about $0.13 on an adjusted basis, an improvement from $0.06 a year earlier. The company disclosed 239,509 crypto accounts opened through its platform as of March 31, a metric reflecting total account openings rather than active traders.
The filing revealed details about SoFiUSD, a stablecoin launched in December for enterprise payments. SoFi stated that the GENIUS Act would require SoFiUSD to be migrated to a separately licensed or regulated entity. It began minting SoFiUSD in Q1 and entered into a partnership with Mastercard to support future settlement capabilities across the card network. SoFi’s own crypto holdings remain immaterial and are held as incidental inventory for operations.
