CoinDesk
SoFi's relaunched crypto business generated $121.6 million in Q1 transaction revenue, almost entirely offset by $120.7 million in related transaction costs, leaving $852,000 in net crypto transaction revenue, according to the bank's latest quarterly filing. It is the first granular disclosure of unit economics since the nationally chartered US bank returned to crypto with in-app trading in November. The bank also reported 239,509 crypto accounts as of March 31 — a metric that counts opened accounts rather than active traders.
The gross-versus-net gap is structural, not a one-quarter fluke. SoFi records crypto transactions on a gross basis because it acts as principal, buying from and selling to third-party liquidity providers before transferring to or from customer accounts — a brokerage-style intermediation model that books the full trade size as revenue. On the company-level earnings line, SoFi reported GAAP EPS of $0.12, or about $0.13 adjusted, up from $0.06 a year earlier.
Why it matters
The $121.6M headline number overstates the unit's earnings power by roughly two orders of magnitude — a dynamic that will distort any cross-bank comparison until peers disclose on the same gross basis. SoFi said its own crypto holdings are immaterial and held only as incidental operating inventory, not as long-term positions, which keeps the bank off the MicroStrategy-style treasury-balance-sheet conversation entirely. The economics of the relaunch so far look more like plumbing revenue than a profit centre.
Market impact
The stablecoin angle is where the filing does signal something forward-looking. SoFi launched SoFiUSD in December for enterprise payments and began minting it in Q1, then signed a Mastercard partnership to support settlement across the card network. But the company warned that the GENIUS Act would require SoFiUSD to migrate to a separately licensed or regulated entity before it can scale — a structural constraint, not a marketing roadmap. Watch the next filing for whether SoFiUSD volume or partner integrations materially change, and whether the gross-to-net spread on crypto revenue narrows as the platform moves past the launch quarter.
Frequently asked questions
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Why is SoFi's net crypto revenue so low compared to the headline?
SoFi records crypto transactions on a gross basis because it acts as principal, buying from and selling to third-party liquidity providers before transferring to customer accounts. Of $121.6M in Q1 transaction revenue, $120.7M went to related transaction costs, leaving $852,000 net.
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What is SoFi's stablecoin and when did it launch?
SoFi launched SoFiUSD in December as a stablecoin for enterprise payments and began minting it in Q1. The bank also entered a partnership with Mastercard to support future settlement capabilities across the card network.
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How does the GENIUS Act affect SoFiUSD?
SoFi said in its quarterly filing that the GENIUS Act would require it to migrate SoFiUSD to a separately licensed or regulated entity — a structural constraint that must be resolved before the stablecoin can scale.
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How many crypto accounts does SoFi have?
SoFi reported 239,509 crypto accounts as of March 31, 2026. The bank defines the metric as the total number of accounts opened through its platform, not active traders.
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Does SoFi hold crypto on its balance sheet like MicroStrategy?
No. SoFi said its own crypto holdings remain immaterial and are held as incidental inventory for operations, not as long-term investments, keeping the bank off the treasury-balance-sheet conversation entirely.
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