SoFi Technologies announced record-breaking results for the third quarter of 2026 earlier on Tuesday, with its crypto business reaching 503,070 products by the end of the quarter. As of press time, SoFi's stock price rose 14.59% to $16.56 on that day.
This lending institution also raised its full-year performance guidance. SoFi returned to the crypto investment business in the fourth quarter of 2025, when it became the first national licensed bank in the United States to offer retail crypto trading services.
However, the contribution of the crypto business to overall performance remains relatively small. In that quarter, the total revenue from crypto transactions was $161.6 million, but the related revenue costs amounted to $160.0 million. The net income from crypto transactions was $1.6 million, accounting for 0.1% of the total net income.
SoFi charges a handling fee for each buy and sell order, while the majority of the total trading volume is lost in the form of costs. In the first nine months of 2026, the net income from crypto transactions was 3.7 million US dollars, corresponding to a total income of 417.5 million US dollars.
The company stated that member transactions in September saw a rebound. A total of 218,469 transactions were conducted by members, representing a 14% increase from 191,359 in August. Among these, buy transactions increased by 18% to 133,937, and sell transactions increased by 8% to 84,532. The amount of money spent on buy transactions reached 33.8 million US dollars, while the amount spent on sell transactions reached 39.1 million US dollars.
25 members had transactions amounting to or exceeding $100,000 each. Bitcoin led in transaction volume with a 39% share. New traders drove most of the transaction activity. Among the users who made transactions in September, 44% completed their first transaction that month, 20% had traded before but not in August, and 36% traded in both months.
SoFi indicates that SoFi Crypto users are more youthful in age. 43% of the members belong to the Millennial generation, which is the group born between 1981 and 1996, with a median member age of 36 years. In terms of stablecoins, SoFi has become the first national bank to offer stablecoin settlement on Mastercard's global payment network.
Strong quarterly performance of SoFi
Beyond its encryption business, from a broader perspective, SoFi's performance in the third quarter of this year exceeded Wall Street's expectations. The company's adjusted earnings per share were $0.18, which is higher than the $0.17 expected by Zacks and also higher than the $0.11 from the same period last year. Revenue reached $1.37 billion, 9.08% above the market's consensus forecast and also higher than the $949.63 million from the same period last year.
In the past four quarters, SoFi has exceeded market consensus expectations for earnings per share in three of those quarters, and its revenue has surpassed expectations in all four quarters. Since the beginning of this year, the stock has fallen by 44.8%, while the S&P 500 index has risen by 12.1% during the same period.
Zacks currently assigns a 'Level 3 (Hold)' rating to this stock, which indicates that its performance is expected to be roughly in line with the market as a whole. Analysts predict that SoFi will have earnings per share of $0.20 and revenue of $1.32 billion in the next quarter; for the full year, earnings per share are expected to be $0.60 and revenue to be $4.87 billion.
SoFi was initially a startup focused on student loan refinancing, but has now evolved into a comprehensive financial services platform offering a variety of products ranging from IPO investments to credit cards and high-yield savings accounts. SoFi currently has a market value of $21.5 billion.
