SoFi Technologies disclosed 503,070 crypto products at the end of the third quarter, offering the clearest view yet of adoption since the U.S. digital bank returned to cryptocurrency services in late 2025. Its October 27 results also showed $161.606 million of gross crypto transaction revenue for the three months ended September 30. Nearly all of that amount was offset by a separate $159.973 million cost line, leaving $1.633 million of net crypto transaction revenue.

The new product count needs context

SoFi included crypto in its financial-services product table for the first time, alongside Money, Invest and credit-card accounts. The 503,070 total was up from 388,336 at the end of June, according to independent analysis by Unchained. However, SoFi defines a crypto product as an account opened through its platform by the reporting date. The figure therefore does not show how many accounts were funded, actively traded or held meaningful balances.

Related reporting: SoFi Launches SOFIE Tokenized Deposit With 4.40% APY

Gross activity translated into limited net revenue

The income statement makes the economics more visible. Gross crypto transaction revenue increased from $134.267 million in the second quarter to $161.606 million in the third, a rise of about 20%. Net crypto transaction revenue increased from $1.183 million to $1.633 million. The third-quarter net amount represented roughly 1% of the gross line and about 0.1% of SoFi's $1.385 billion in total net revenue. Those comparisons show that transaction activity was sizable while its reported contribution after associated costs remained small.

The cost line is not a full profit calculation

SoFi says net crypto transaction revenue primarily consists of transaction fees earned from facilitating member purchases and sales of digital assets. It does not separately explain every component of the related cost line, and the disclosure does not allocate marketing, technology, compliance or staff expenses specifically to crypto. The $1.633 million figure should therefore be read as the net result of one revenue category, not as the company's complete crypto profit.

Crypto sits inside a much larger banking platform

The company reported 17.1 million members and 26.7 million total products across lending and financial services. Total net revenue rose 44% from a year earlier to $1.385 billion, while net income increased 73% to $240.989 million. SoFi also raised its full-year outlook. Against that larger base, crypto remains a relatively small earnings contributor, even as the account count suggests the service has attracted a material group of users since relaunch.

What the disclosure changes

Banks and fintech companies often describe crypto expansion through launches, supported assets or partnerships. SoFi's new table adds operating data that allows investors and customers to separate account growth from revenue retained after transaction costs. It also provides a baseline for comparing future quarters. The Block independently confirmed the product count and revenue figures, while noting that SoFi's broader quarterly results reached records for revenue and membership.

What to watch next

Future filings will show whether crypto-product growth continues and whether net revenue scales faster than the gross transaction line. More detail on active accounts, funded balances, trading volume and the composition of transaction costs would make the business easier to evaluate. It would also show whether product growth reflects broader engagement or mostly account openings. Until then, the quarter demonstrates expanding access and activity, but it does not establish that crypto has become a major profit engine for SoFi.

Sources

AI-generated editorial image; not a photograph of the reported event. Prepared with AI assistance and source verification.