SoFi reports 1.18 million dollar Q2 net crypto revenue on gross volume
SoFi Technologies generated $1.183 million in net crypto transaction revenue during Q2, up 38.8% from $852,000 in Q1. The financial platform recorded $134.267 million in gross transaction revenue, but $133.084 million in direct costs offset most of these gains. SoFi reported 388,336 cumulative crypto accounts as of June 30, though it did not specify how many remained active. The company acts as principal in transactions, taking minimal net processing fees.
Key takeaways
- 1SoFi generated $1.183 million in Q2 net crypto transaction revenue, up from $852,000 in Q1.
- 2Gross crypto transaction revenue reached $134.267 million against $133.084 million in direct transaction costs.
- 3SoFi reported 388,336 cumulative crypto accounts through June 30 but omitted active user data.
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Why it matters
Gross revenue figures for fintech crypto offerings can mask thin net margins when platforms act as principal. Investors should watch active user counts and net fee rates across traditional fintech apps expanding into digital assets.
Discussion
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