SoFi reports $162M gross crypto revenue and 503k crypto products as Q3 earnings hit record $1.39B, driving stock up 15%.
Macro & Markets ·
SoFi disclosed 503,000 crypto products and gross crypto revenue of $162 million in its latest earnings report, marking the first time the company has broken out these figures publicly. The disclosures accompanied record quarterly revenue of $1.39 billion, which pushed the company's shares up nearly 15%.
The crypto revenue figures represent a formal quantification of SoFi's digital asset business at a time when traditional financial institutions are increasingly integrating cryptocurrency offerings. The scale of disclosed crypto products suggests meaningful customer adoption within SoFi's broader platform, though the freshly public nature of these metrics prevents direct comparison to prior periods.
What remains unclear is the composition of that $162 million in gross crypto revenue—whether it derives primarily from trading fees, custody, staking, or other services—and how the 503,000 crypto products are distributed across customer segments. The extent to which these crypto revenues contributed to overall profitability, and whether management expects this business line to grow as a proportion of total earnings, has not been detailed.