SoFi’s crypto relaunch brought in $121.6 million in Q1. Almost all of it went to costs

The institution launched the SoFiUSD stablecoin for endeavor payments successful December and partnered with Mastercard for colony capabilities.

May 7, 2026, 12:49 p.m. 2 min read

Nationally chartered U.S. slope SoFi’s relaunched crypto concern generated $121.6 cardinal successful crypto transaction gross successful the archetypal quarter, its archetypal granular disclosure of the unit’s economics since the slope returned to the cryptocurrency abstraction precocious past year.

That gross was astir wholly offset by $120.7 cardinal successful related transaction costs, leaving conscionable $852,000 successful nett crypto transaction revenue, according to the company’s latest quarterly filing.

The institution reported net of $0.12 per stock connected a GAAP basis, oregon astir $0.13 connected an adjusted basis, up from $0.06 a twelvemonth earlier.

SoFi said it records crypto transactions connected a gross ground due to the fact that it acts arsenic principal, buying crypto from oregon selling it to third-party liquidity providers earlier transferring it to oregon from lawsuit accounts. The operation appears akin to a brokerage model, wherever the level intermediates trades alternatively than taking directional risk.

The institution reported "239,509 crypto accounts" arsenic of March 31, a metric that captures the full fig of accounts opened done its platform, alternatively than progressive traders.

The figures springiness the archetypal nationalist work connected SoFi’s crypto concern since its in-app trading motorboat successful November.

SoFi had outlined its instrumentality to crypto successful June, with plans for crypto investing and blockchain-based remittances..

SoFi said that the GENIUS Act would necessitate it to migrate SoFiUSD to a “separately licensed oregon regulated entity.” SoFi launched SoFiUSD successful December arsenic a stablecoin for endeavor payments.

The institution said successful the filing that it began minting SoFiUSD successful the archetypal 4th and entered a concern with Mastercard to enactment aboriginal colony capabilities crossed the paper network.

SoFi said its ain crypto holdings stay immaterial and are held arsenic incidental inventory for operations, not arsenic semipermanent investments.