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SoFi’s crypto relaunch brought in $121.6 million in Q1. Almost all of it went to costs
The company launched the SoFiUSD stablecoin for enterprise payments in December and partnered with Mastercard for settlement capabilities.
May 7, 2026, 12:49 p.m. 2 min read
What to know:
- SoFi’s crypto business generated $121.6 million in Q1 transaction revenue, offset by $120.7 million in costs, resulting in $852,000 net revenue.
- SoFi reported 239,509 crypto accounts, defined as opened accounts, not active users.
- The company launched the SoFiUSD stablecoin for enterprise payments in December and partnered with Mastercard for settlement capabilities.
The company reported earnings of $0.12 per share on a GAAP basis, or about $0.13 on an adjusted basis, up from $0.06 a year earlier.
SoFi said it records crypto transactions on a gross basis because it acts as principal, buying crypto from or selling it to third-party liquidity providers before transferring it to or from customer accounts. The structure appears similar to a brokerage model, where the platform intermediates trades rather than taking directional risk.
The company reported “239,509 crypto accounts” as of March 31, a metric that captures the total number of accounts opened through its platform, rather than active traders.
The figures give the first public read on SoFi’s crypto business since its in-app trading launch in November.
