SoFi Q3 Crypto Transactions Bring in $161M but Leave Little Behind

SoFi’s cryptocurrency business generated $161.6 million in gross transaction revenue during the third quarter, but retained just $1.6 million after transaction costs. The striking disparity emerged alongside record companywide revenue, soaring loan originations and 17.1 million members. SoFi Technologies (Nasdaq: SOFI ) disclosed the figures on Tuesday, in its third-quarter earnings release, offering a closer look at the economics of its renewed cryptocurrency business. The company reported $161.6 million in crypto transaction revenue against $160 million in associated costs, leaving $1.63 million in net crypto transaction revenue.