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SoFi posts $1.2 million net crypto transaction revenue in Q2

SoFi reported 388,336 cumulative crypto products by June 30, but its Q2 filing shows $134 million gross crypto transaction revenue offset by $133 million of transaction costs.

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SoFi Technologies reported 388,336 cumulative crypto products as of June 30, but its Q2 filing showed only $1.183 million of net crypto transaction revenue, according to CryptoSlate.

In the quarter, the company listed about $134.3 million in crypto transaction revenue and about $133.1 million in crypto transaction costs, leaving net transaction revenue equal to roughly 0.9% of the gross line, which CryptoSlate notes is not a standalone profit figure.

CryptoSlate said SoFi records crypto transactions on a gross basis because it acts as principal, buying and selling digital assets through third party liquidity providers and then transferring assets to, or from, member accounts.

CryptoSlate added that SoFi does not disclose a standalone crypto profitability metric, and that net crypto transaction revenue increased sequentially from Q1, rising about 38.8% to $1.183 million in Q2, with first half net crypto transaction revenue totaling about $2 million.

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