SoFi Shares Jump 15% on Record Quarter as Crypto Products Hit 503,070

By Daniel Okafor

SoFi Technologies reported record third-quarter 2026 results Tuesday and raised full-year guidance, sending shares up 14.59% to $16.56. The quarter also marked a milestone for the lender's crypto unit, which reached 503,070 crypto products by quarter-end.

The company 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. Nearly a year on, the numbers show a business that's growing fast in engagement but still tiny on the income statement.

How big is SoFi's crypto business really?

Crypto transaction revenue totaled $161.6 million in the third quarter, but the cost of that revenue reached $160.0 million, according to the company's results. Net crypto transaction revenue came to $1.6 million — just 0.1% of SoFi's total net revenue.

The structure explains the gap. SoFi earns a fee on each buy and sell order, while the bulk of gross volume flows through as cost. For the first nine months of 2026, net crypto transaction revenue totaled $3.7 million on $417.5 million in gross revenue.

That margin profile matters for how investors should read the 503,070-product figure. It measures adoption and account activity, not a material earnings driver — at least not yet.

What did September trading activity look like?

Member trading picked up in September, the company said. The month's numbers break down as follows:

• Members placed 218,469 trades, up 14% from August's 191,359.
• Buy trades rose 18% to 133,937; sell trades rose 8% to 84,532.
• Buy volume reached $33.8 million; sell volume reached $39.1 million.
• Members placed 25 trades of $100,000 or more.
• Bitcoin led trading volume with a 39% share.

New traders drove much of the activity. Of September's traders, 44% made their first-ever trade that month, 20% had traded before but not in August, and 36% traded in both months.

The member base skews young. SoFi said 43% of its crypto members are millennials — born between 1981 and 1996 — and the median member age is 36. That demographic fit is the strategic argument for the unit: crypto functions as an acquisition channel for younger customers who can then be cross-sold the rest of SoFi's platform.

What about the stablecoin settlement milestone?

Beyond retail trading, SoFi became the first national bank to go live with stablecoin settlement across Mastercard's global payments network. That's an operational milestone rather than a revenue line, but it puts SoFi ahead of peers in blockchain-based payment infrastructure and ties the bank into Mastercard's global rails.

How did the rest of the quarter perform?

The broader results drove the stock move. SoFi earned $0.18 per share on an adjusted basis, topping the Zacks Consensus Estimate of $0.17 and rising from $0.11 a year earlier. Revenue reached $1.37 billion, 9.08% above consensus and up from $949.63 million a year ago.

The beat extends a consistent run. SoFi has topped consensus EPS estimates three times over the last four quarters and beaten revenue estimates in all four.

The rally comes off a rough base. Shares had fallen 44.8% this year heading into the print, while the S&P 500 gained 12.1%.

Zacks currently rates the stock Rank #3 (Hold), signaling expected performance in line with the market. Analysts expect $0.20 per share on $1.32 billion in revenue next quarter, and $0.20 per share... corrected: $0.60 per share on $4.87 billion in revenue for the full year.

What's the bigger picture for SoFi?

Founded as a student loan refinancing startup, SoFi has evolved into a full-scale financial services platform spanning IPO investing, credit cards and high-yield savings accounts. The company carries a market cap of $21.5 billion.

Crypto fits that evolution as one product line among many — a customer-acquisition engine with thin direct economics but growing volume, plus a first-mover stablecoin settlement position through Mastercard.

The next test arrives with fourth-quarter earnings, where the $1.32 billion revenue consensus will show whether September's trading acceleration held into the final three months of the year.