SoFi made $121m in crypto but kept almost none

SoFi generated $121.6 million in crypto transaction revenue in Q1 2026, its first detailed public disclosure since the bank relaunched crypto trading, but $120.7 million of that went to costs.

SoFi’s relaunched crypto unit generated $121.6 million in transaction revenue in the first quarter, its first detailed disclosure since the bank returned to crypto trading in November 2025. The figures show the economics of crypto brokerage at banking scale: $120.7 million in transaction costs consumed almost everything.

The result left SoFi with just $852,000 in net crypto revenue for the quarter, according to the company’s latest quarterly filing. The unit reported 239,509 crypto accounts, defined as opened accounts, not active users. CEO Anthony Noto said the company believes “the crypto super cycle will completely transform financial services.”

The stablecoin question

SoFi launched SoFiUSD in December as a stablecoin for enterprise payments and began minting it in Q1. The company also entered a partnership with Mastercard to support future settlement capabilities across the card network. Those ambitions face a regulatory constraint: SoFi said the GENIUS Act would require it to migrate SoFiUSD to a “separately licensed or regulated entity,” a shift that could complicate how the stablecoin sits within its banking stack.

SoFi’s overall Q1 results were strong. Net revenue reached $1.1 billion, up 43% year-over-year, with net income more than doubling to $166.7 million. Adjusted EBITDA climbed 62% to $339.9 million. The crypto unit’s margin is a minor line in a record earnings report, but it is the sharpest snapshot yet of what bank-grade crypto brokerage costs to run.