Crypto: Sofi Posts Record Q4 Revenue After Reentering Crypto Market 2026
The fintech bank reported record quarterly revenue of $1 billion as it reintroduced crypto trading, launched a stablecoin and rolled out blockchain-based remittances.
SoFi Technologies reported record fourth-quarter revenue of $1 billion as the US fintech bank reintroduced consumer crypto-based products.
According to its earnings report released Friday, adjusted net revenue rose 37% year-on- year to $1 billion, while GAAP net income reached $173.5 million in the last quarter. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 60% to $317.6 million.
SoFi reported total fee-based revenue of a record $443 million for the quarter, and total members grew about 35% to 13.7 million. SoFi added 1.6 million new products in the quarter, driving total financial services products up 38% year over year to 17.5 million. The company logged 63,441 crypto products following its Dec. 22 launch, though that figure reflects activity from Dec. 22–31 and is not representative of a full quarter.
The results come after SoFi’s return to the cryptocurrency market, following a pullback in November 2023.
In June, the company reintroduced crypto trading, allowing customers to buy, sell and hold digital assets. It also rolled out blockchain-powered remittances, which have expanded to more than 30 countries, according to the company.
In December, SoFi launched SoFiUSD, a US dollar–backed stablecoin issued by its banking subsidiary, SoFi Bank.
Related: Nubank wins conditional US approval to form national bank
US banks are increasingly taking pro-crypto steps. In May, several of the largest US banks began discussing a potential joint stablecoin initiative. The report said companies affiliated with JPMorgan Chase, Bank of America, Citigroup and Wells Fargo have held preliminary talks on jointly issuing a dollar-pegged crypto stablecoin.
In October, JPMorgan Chase said it plans to offer cryptocurrency trading, while ruling out direct crypto custody in the near term. Speaking on CNBC’s Squawk Box Europe, the bank’s global head of markets and digital assets, Scott Lucas, said JPMorgan is assessing trading services and potential third-party custodians.
Source: CoinTelegraph
