SoFi shares rose about 15% after the company reported record third-quarter results, while attention focused on how $161.6 million in gross revenue from crypto transactions fell to $1.6 million after costs.
According to financial results reported by The Block, the fintech company increased total net revenue by 44% to $1.39 billion in the third quarter of 2026 compared with the same period last year, and posted net income of $241 million. SoFi shares, which rose about 15% on Tuesday morning, were still down 40% year to date.
Gross and net revenue diverge in crypto transactions
The company’s gross crypto transaction revenue rose 20% to $161.6 million from the previous quarter. After accounting for related costs, net crypto transaction revenue came to $1.6 million, meaning about 1% of the gross amount was reflected in net revenue.
SoFi also included crypto as a separate category in its financial services product breakdown for the first time. As of September 30, it reported 503,000 crypto products. This figure was not reported as the number of individual customers. The number of products on SoFi Invest’s brokerage service also grew 37% year over year to 4.18 million.
The balance sheet on SoFi’s return to crypto
After pausing crypto services for two years, SoFi signaled a return in May 2025 and launched SoFi Crypto in November of the same year. The service allows customers to buy and hold dozens of crypto assets through their bank accounts.
The company has also recently expanded into stablecoins, tokenized deposits, and crypto infrastructure. CEO Anthony Noto summed up its growth approach as reaching more members, getting members to use more products, and increasing revenue per product.
Not investment advice.