SoFi's Q2 net crypto revenue hit $1.2M, a 0.88% margin on $134M gross. The 39% sequential improvement from Q1 came after the Nov consumer launch. Profitability remains elusive.
SoFi Technologies reported $134 million of gross crypto transaction revenue in the second quarter. The cost of that revenue was $133 million. The difference left $1.183 million of net crypto transaction revenue, or about 0.88% of the gross line.
That percentage is not a profit margin. The $1.183 million is the revenue line before broader operating expenses and other costs. SoFi does not disclose a standalone crypto profit figure.
SoFi records crypto transactions on a gross basis because it acts as principal, the company said in its first-quarter Form 10-Q. It buys digital assets from third-party liquidity providers or sells them to those providers before transferring the assets to or from member accounts. The gross revenue line includes money from member buys and sells, plus transaction fees after rewards. Most of that money flows back out to cover the assets SoFi buys for members and the payments tied to member sales. What remains is net crypto transaction revenue, driven mainly by the fees SoFi collects for handling each order.
The net line improved sequentially from a small base. SoFi reported $852,000 of net crypto transaction revenue in the first quarter, when $121 million of gross revenue was offset by $120 million of transaction costs. The second-quarter net revenue was $331,000 higher, an increase of about 38.8%. The first-half total reached $2 million. Gross crypto revenue rose 10.7% from the first quarter. Costs rose at a similar pace, leaving the net margin roughly stable.
The 388,336 cumulative Crypto products figure as of June 30 covers every crypto account opened through quarter-end. The $1.183 million covers revenue from the three months ended June 30. A per-user metric mixing the two would be imprecise.
SoFi announced the phased launch of consumer crypto trading on Nov. 11, 2025. The second-quarter net revenue gain came after that launch. SoFi has not disclosed a crypto profit figure for the period. The $1.183 million represents the fees SoFi earned for executing crypto trades, after accounting for the cost of the digital assets.
AlphaScala's proprietary Alpha Score rates SOFi at 35 out of 100, a Mixed label, reflecting the narrow crypto revenue base relative to SoFi's overall operations. SOFI stock page
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