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SoFi Crypto Unit Generated $121.6M in Q1 Revenue but Kept Only $852,000 Net
SoFi’s relaunched crypto business generated $121.6 million in first-quarter crypto transaction revenue, but related costs left just $852,000 in net crypto transaction revenue. SoFi reported 239,509 crypto accounts as of March 31, marking the first public read on the business since its in-app trading launch in November. SoFi also said it records crypto transactions on a gross basis because it acts as principal with third-party liquidity providers.