Overview
- SoFi’s Q1 filing shows $121.6 million in crypto trading revenue and $120.7 million in costs, leaving $852,000 in net revenue.
- The bank books trades on a gross basis because it acts as the buyer or seller with outside liquidity firms, which inflates both revenue and costs.
- The stock has dropped more than 10% over five sessions to about $12.33 as investors reassess the unit’s economics, and several firms cut price targets.
- SoFi began minting its SoFiUSD stablecoin in Q1 and says the GENIUS Act would require moving it into a separate licensed entity.
- Companywide results remained strong at about $1.09 billion in revenue and $0.12 in EPS, showing the crypto unit is small next to the core business.