SoFi posts record Q4 revenue after reentering crypto market

SoFi just dropped their Q4 earnings and it's a full flex 💪 — $1 BILLION in revenue, up 37% YoY. GAAP net income hit $173.5M, and adjusted EBITDA jumped 60% to $317.6M. The fintech bank is absolutely crushing it after diving back into crypto.

Key stats that'll make your eyes pop: total fee-based revenue hit a record $443M for the quarter. Members grew ~35% to 13.7M, and they added 1.6M new products. Total financial services products are up 38% YoY to 17.5M. Crypto products? 63,441 since launch on Dec 22 — and that's just a 9-day snapshot, not even a full quarter. Imagine the full run rate.

This comeback story is wild. SoFi pulled back from crypto in Nov 2023, then in June they reintroduced crypto trading — letting customers buy, sell, and hold digital assets. They also rolled out blockchain-powered remittances (now live in 30+ countries). And in December? They launched SoFiUSD, their own USD-backed stablecoin issued by SoFi Bank. They're not playing around.

The tide is turning, fam. US banks are going full degen mode. Back in May, JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo were reportedly in talks about a JOINT stablecoin initiative. Yeah, the big boys are collabing.

In October, JPMorgan said they're planning to offer crypto trading (though holding off on direct custody for now). Their global head of markets and digital assets, Scott Lucas, straight up said they're assessing trading services and third-party custodians.

Then on Jan 23, UBS started exploring crypto trading for their wealthiest clients in Switzerland — starting with BTC and ETH, with potential expansion to Asia-Pacific and the US later. The Swiss giants are in.

And get this — Coinbase CEO Brian Armstrong dropped a truth bomb on X after the World Economic Forum. He said most bank CEOs he met were "actually very pro crypto and are leaning into it as an opportunity." The narrative flip is real.

Bottom line: SoFi's record-breaking quarter proves that crypto integration isn't just a side hustle — it's a revenue rocket. And with traditional banks like JPMorgan and UBS getting in the game, the institutional floodgates are officially open. The old guard is building on-chain, and the numbers don't lie.