Can SoFi's Crypto Comeback Reignite Growth? What the Numbers Tell Us

The Return of a Revenue Engine

SoFi Technologies (NASDAQ: SOFI) just made headlines by becoming the first nationally chartered bank to officially launch crypto trading this month. While the move grabbed investor attention, what’s equally telling is that SoFi isn’t entering uncharted territory—the company previously offered crypto trading from 2019 until 2023, when regulatory requirements forced a pause. Now, with banking rules relaxed, SoFi is resurrecting a business line that once contributed meaningfully to its growth metrics.

The timing is worth scrutinizing. Bitcoin (CRYPTO: BTC) has faced headwinds this year, potentially presenting SoFi with favorable entry conditions for its relaunch. CEO Anthony Noto’s November statement that blockchain will reshape “every way finance is done throughout the world” signals the company’s long-term conviction—a significant endorsement from one of fintech’s sharpest minds.

What Competitors’ Performance Reveals

To understand SoFi’s crypto potential, looking at Robinhood Markets (NASDAQ: HOOD) and Coinbase Global (NASDAQ: COIN) provides valuable perspective. Robinhood proves particularly instructive since it balances diverse financial services like SoFi, whereas Coinbase specializes almost entirely in crypto.

The data speaks clearly. Robinhood’s crypto revenue surged over 300% year-over-year in Q3, making it the company’s fastest-expanding revenue stream. Broader metrics reinforced this momentum: overall profitability jumped 271%, while average revenue per user climbed 82%—suggesting crypto transactions acted as a powerful multiplier across the business.

Coinbase delivered similar validation through its Q3 transaction revenue figures: 82.8% year-over-year growth reaching $1.05 billion. Both consumer and institutional crypto activity expanded substantially.

SoFi’s Previous Track Record

When SoFi last offered crypto, the results were promising. SoFi Invest revenue climbed 112% year-over-year in Q2 2022 while crypto remained integrated into the platform. Although SoFi didn’t publish granular crypto transaction numbers like Robinhood does, the segment clearly contributed to those strong growth rates.

The impact reversed after crypto’s removal. SoFi Invest revenue growth decelerated sharply—from 22% year-over-year in Q1 2023 down to just 1% by Q1 2024. That drop perfectly aligned with the quarter when crypto trading vanished from the platform, creating a natural test case for how much crypto revenue matters to SoFi’s bottom line.

The Opportunity Ahead

SoFi’s crypto relaunch isn’t groundbreaking innovation—it’s the calculated reactivation of proven revenue. The company exits a regulatory holding pattern just as crypto has gained mainstream acceptance among retail investors and institutions, creating stronger tailwinds than before.

For investors, the math mirrors Robinhood’s playbook: if SoFi achieves similar average revenue per user expansion, quarterly performance could accelerate meaningfully. Additionally, customers who migrated to competitors specifically for crypto features may return, potentially driving renewed engagement across equities and options trading.

From a crypto academy perspective, SoFi’s platform also positions retail users to deepen their market knowledge alongside trading activity—a dual value proposition.

The year-over-year comparison also favors SoFi. Previous quarters carried no crypto transactions, making upcoming results easy to exceed on a percentage basis. Combined with S&P 500 volatility, renewed crypto momentum could unlock substantial upside in SoFi’s coming earnings reports.