SoFi Technologies reported 388,336 cumulative crypto accounts as of June 30, but only $1.183 million in Q2 net crypto transaction revenue. The company posted gross revenue of $134.267 million and transaction costs of $133.084 million, leaving only 0.88% of gross revenue as net revenue, which is not a profit margin. SoFi acts as principal in crypto transactions, buying and selling digital assets from third-party liquidity providers before transferring them to or from member accounts, explaining the gap between gross and net amounts. The company does not disclose a standalone crypto profit figure and lacks sufficient data to calculate per-active-trader economics.
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