SoFi’s crypto relaunch brought in $121.6 million in Q1. Almost all of it went to costs
Key takeaways
- Almost all of it went to costs.
- That revenue was almost entirely offset by $120.7 million in related transaction costs, leaving just $852,000 in net crypto transaction revenue, according to the company’s latest quarterly filing.
- 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.
Almost all of it went to costs. The company launched the So Fi USD stablecoin for enterprise payments in December and partnered with Mastercard for settlement capabilities.By Francisco Rodrigues|Edited by Omkar Godbole May 7, 2026, 12:49 p.m. 2 min read Make preferred on (Anne Nygård/Unsplash)What to know: So Fi'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.Nationally chartered U.S. bank SoFi’s relaunched crypto business generated $121.6 million in crypto transaction revenue in the first quarter, its first granular disclosure of the unit’s economics since the bank returned to the cryptocurrency space late last year.
That revenue was almost entirely offset by $120.7 million in related transaction costs, leaving just $852,000 in net crypto transaction revenue, according to the company’s latest quarterly filing.
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.