SoFi’s Crypto Comeback: $121M In, $120M Out-Cha-Ching?

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Finance or Farce? SoFi’s Crypto Adventure: A Tale of Almost Breaking Even!

The Lowdown (or Should We Say, the Low-dough?):

  • SoFi’s crypto biz raked in $121.6M in Q1, but-plot twist!-$120.7M vanished into the cost abyss. Net profit? A whopping $852K. Ka-ching… barely.
  • 239,509 crypto accounts? Impressive! Unless you realize they’re just opened accounts, not actual users. So, basically, a lot of digital dust.
  • SoFiUSD stablecoin launched with Mastercard? Sounds fancy! Too bad it might need a new home thanks to the GENIUS Act. Genius move, Congress.

Behold, the nationally chartered U.S. bank SoFi, whose crypto relaunch is like a magician’s trick-poof! $121.6M appears, and poof! $120.7M disappears. Ta-da? More like ta-d’oh!

According to their quarterly filing, the net crypto revenue is a cool $852K. That’s right, folks-enough to buy a slightly used luxury yacht… or maybe just a nice dinner for the board.

Earnings? $0.12 per share on a GAAP basis, or $0.13 adjusted. Up from $0.06 last year. Progress? Or just a rounding error?

SoFi claims it records crypto transactions on a gross basis because it’s the “principal.” Fancy talk for “we’re middlemen, not gamblers.” Brokerage model? More like broke-rage model.

239,509 crypto accounts? Sure, if you count every account ever opened, even if the users are probably off trading Beanie Babies instead. Active traders? Let’s not get ahead of ourselves.

First public peek since the in-app trading launch in November? Spoiler alert: it’s a lot of hype for a little return. But hey, they’re back in the crypto game-or at least, they’re sitting on the bench.

SoFiUSD stablecoin? Launched in December for enterprise payments. Partnered with Mastercard? Sounds like a match made in fintech heaven. Too bad the GENIUS Act might force it to move. Genius, indeed.

Oh, and SoFi’s crypto holdings? “Immaterial.” Translation: we’re not betting the farm on this. Just enough to say we’re in the game. Go big or go home? Nah, let’s just go small and stay cozy.

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2026-05-07 16:00