SoFi Shares Jump 15% on Record Q3 as Crypto Reaches 503,070 Products
SoFi stock jumped 14.59% after a record third quarter and raised guidance. Its crypto business reached 503,070 products, but $160.0M of $161.6M in crypto revenue went to cost, leaving $1.6M net.
A record third quarter and a raised full-year outlook sent SoFi Technologies stock up 14.59% to $16.56 on Tuesday. SoFi also broke out its crypto product count for the first time: 503,070 at quarter-end.
The headline crypto number comes with a catch. Crypto transaction revenue totaled $161.6 million, but the cost of that revenue was $160.0 million. That left net crypto transaction revenue of $1.6 million, or 0.1% of total net revenue. Over the first nine months of 2026, net crypto transaction revenue was $3.7 million on $417.5 million in gross revenue. Volume is there. Margin, so far, is not.
The quarter
Adjusted EPS came in at $0.18, against the Zacks consensus of $0.17 and $0.11 a year earlier. Reported revenue figures differ. One account puts revenue at $1.37 billion, 9.08% above consensus and up from $949.63 million a year earlier. Another puts total net revenue at a record $1.39 billion, with gross crypto revenue up 20%. Neither account explains the gap.
September trading
Member activity picked up in the quarter's final month. September saw 218,469 trades, up 14% from August's 191,359. Buy trades rose 18% to 133,937, while sell trades rose 8% to 84,532. Dollar volume tells a different story: $33.8 million in buys against $39.1 million in sells. More orders were buys, but more money went out the door.
Members placed 25 trades of $100,000 or more, and Bitcoin led volume with a 39% share. Some 44% of September traders made their first-ever trade that month. Among SoFi Crypto members, 43% are millennials, and the median age is 36.
Bank rails
SoFi also became the first national bank to go live with stablecoin settlement across Mastercard's global payments network. That fits the direction set days earlier, when the bank launched its SOFIE tokenized deposit. SoFi returned to crypto investing in the fourth quarter of 2025, when it became the first U.S. nationally chartered bank to offer retail crypto trading.
What it means for traders
Zoom out before chasing the candle. Shares have fallen 44.8% this year while the S&P 500 gained 12.1%, and the market cap sits at $21.5 billion. Zacks rates the stock Rank #3 (Hold), which signals performance in line with the market.
For the crypto thesis, the test is conversion. About half a million products and rising trade counts are real distribution. But with roughly 99% of gross crypto revenue passing through as cost, the line barely touches earnings. The earlier Q2 crypto revenue report showed $134 million in crypto revenue. This quarter's $161.6 million is bigger. The margin question is still open.
