TheBlock
SoFi disclosed 503,000 crypto products at the end of the third quarter, marking the first time the fintech included the metric in its financial services product breakdown. Gross crypto transaction revenue reached $161.6 million, up 20% from the prior quarter, while net crypto transaction revenue totaled $1.6 million after associated costs.
Why it matters
The disclosure puts crypto inside SoFi's broader product-led growth strategy. SoFi Invest had 4.18 million products as of Sept. 30, up 37% year over year, while the company reported record third-quarter net revenue of $1.39 billion and net income of $241 million.
SoFi CEO Anthony Noto said members are using more products and generating more revenue per product. The crypto count shows that digital assets have become a measurable part of that cross-product strategy, rather than a standalone offering. SoFi Crypto launched in November 2025 after the company paused crypto services for two years, and members can buy and hold dozens of tokens through FDIC-insured checking or savings accounts.
Market impact
SoFi shares traded nearly 15% higher on Tuesday morning after the earnings release, although they remained down 40% year to date. The market response reflects the strength of the overall quarter as well as the company's expanding crypto footprint.
SoFi has recently moved beyond trading into stablecoins, tokenized deposits and crypto infrastructure. The key financial distinction is that the $161.6 million gross figure converted to only $1.6 million in net crypto transaction revenue after costs. Future disclosures will show whether product growth and new crypto services can translate into stronger net contribution over time.
Frequently asked questions
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How many crypto products did SoFi report in the third quarter?
SoFi reported 503,000 crypto products at the end of the third quarter. It disclosed the metric in its financial services product breakdown for the first time.
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What was the difference between SoFi's gross and net crypto revenue?
Gross crypto transaction revenue was $161.6 million, while net crypto transaction revenue was $1.6 million after associated costs.
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How did SoFi's broader product base perform alongside crypto?
SoFi Invest grew 37% year over year to 4.18 million products. The company also reported record third-quarter net revenue of $1.39 billion.
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When did SoFi Crypto officially launch?
SoFi Crypto officially launched in November 2025 after the company paused crypto services for two years. Members can buy and hold dozens of tokens through SoFi accounts.
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What new crypto services is SoFi adding?
SoFi has expanded beyond crypto trading into stablecoins, tokenized deposits and crypto infrastructure.
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