SoFi Discloses Crypto Business for the First Time, Q3 Crypto Trading Revenue Hits $162 Million

On October 28, according to The Block, U.S. fintech company SoFi first separately reported its crypto business data in its latest earnings release: as of the end of the third quarter, the number of crypto products reached 503,000, total crypto transaction revenue for the quarter was $161.6 million, up 20% quarter-over-quarter, but net income after deducting related costs was only $1.6 million. SoFi recorded record third-quarter net revenue of $1.39 billion, up 44% year-on-year, with net profit of $241 million. Supported by the earnings report, SoFi's stock price initially jumped nearly 15% in Tuesday morning trading, yet remains down approximately 40% year-to-date.