SoFi Technologies reported $121.6 million in crypto-related revenue for Q1, with expenses consuming most of the proceeds.
SoFi Technologies generated $121.6 million in revenue from its relaunched cryptocurrency services during the first quarter. The figure reflects renewed customer activity but was largely absorbed by associated operational costs, limiting net gains.
The company had previously scaled back crypto offerings in 2022 amid market volatility. Analysts had anticipated modest revenue from the segment, though the $121.6 million print exceeded some internal projections. Comparable quarterly figures from prior years are not publicly available.
Shares showed muted movement in after-hours trading as investors weighed the revenue against elevated cost structures.