SoFi reported 388,336 crypto products, but Q2 net transaction revenue only reached $1.2 million
Summary
SoFi reported 388,336 cumulative crypto products by June 30, but only $1.183 million of net crypto transaction revenue in Q2. Gross crypto transaction revenue was $134 million, offset by $133 million of related costs, leaving about 0.88% of gross revenue as net transaction revenue. This is not a profit figure, since broader operating expenses are excluded and SoFi does not disclose standalone crypto profitability. SoFi says it records crypto trades on a gross basis because it acts as principal, buying and selling digital assets through third-party liquidity providers. Net crypto revenue mainly reflects fees after covering the asset costs. Q2 net crypto revenue rose from $852,000 in Q1, lifting first-half total to about $2 million.
