SoFi's crypto relaunch hauled in $121.6M in Q1 — but costs ate almost every dollar of it.

SoFi's relaunched crypto business posted $121.6 million in transaction revenue in Q1, its first detailed disclosure since returning to the space late last year. The catch: $120.7 million in related transaction costs left just $852,000 in net crypto revenue for the quarter.

The thin margin is a structural feature, not a surprise. SoFi records crypto transactions on a gross basis because it acts as principal — buying from or selling to third-party liquidity providers before settling with customers — a model closer to brokerage intermediation than directional trading. The company also reported 239,509 crypto accounts as of March 31, a figure that counts opened accounts, not active users.

On the stablecoin side, SoFi began minting its SoFiUSD enterprise payments stablecoin in Q1 and announced a Mastercard partnership for future settlement capabilities. However, the company flagged that…