SoFi reported 388,336 crypto products, but Q2 net transaction revenue only reached $1.2 million

SoFi Technologies, the digital financial services company, reported 388,336 cumulative Crypto products as of June 30. Meanwhile, the company's Q2 filing reported just $1.183 million of net crypto transaction revenue.The filed earnings release lists $134 million of crypto transaction revenue and $133 million of cost of crypto transaction revenue for the quarter. Their difference left about 0.88% of the gross revenue line as net transaction revenue.That percentage is not even a profit margin. The $1.183 million is simply the revenue line before broader operating expenses and other costs, and SoFi does not disclose a standalone crypto profit figure.Why the gross line is so largeIn its first-quarter Form 10-Q, SoFi said it records crypto transactions on a gross basis because it acts as principal. It buys digital assets from, or sells them to, third-party liquidity providers before transferring the assets to or from member accounts.SoFi books money from member buys and sells in its gross crypto revenue line, along with transaction fees after rewards. Most of that money flows straight back out to cover the assets SoFi buys for members and the payments tied to member sales. What remains i...