SoFi books $161.6M in gross crypto revenue in Q3, keeps $1.6M of it

SoFi Technologies reported $161.6 million in gross crypto transaction revenue for the third quarter. After costs, it kept $1.6 million. That gap is the whole story. The headline number looks like a crypto business rivaling a mid-sized exchange. The net number looks like a rounding error on a fintech that just posted a $241 million profit. The numbers behind the number SoFi (NASDAQ: SOFI) released its Q3 results on October 27, 2026, covering the quarter that ended September 30, 2026. Crypto transactions generated $161.6 million on a gross basis. Associated costs came to $160.0 million. What was left over, $1.6 million, is the net crypto transaction revenue SoFi actually keeps. The reason the gross figure balloons has to do with how SoFi structures the trades. The company acts as a principal when members buy or sell digital assets, and it routes those orders through third-party liquidity providers. Applied to SoFi, the $161.6 million largely reflects the value of crypto changing hands through its app, not the fees SoFi pockets. The $1.6 million is closer to the true economic take. That ratio has been steady. Across the first three quarters of 2026, SoFi’s net crypto revenue has hover...