Nationally chartered U.S. bank SoFi’s relaunched crypto business generated $121.6 million in crypto transaction revenue in the first quarter, its first granular disclosure of the unit’s economics since the bank returned to the cryptocurrency space late last year.

That revenue was almost entirely offset by $120.7 million in related transaction costs, leaving just $852,000 in net crypto transaction revenue, according to the company’s latest quarterly filing.

The company reported earnings of $0.12 per share on a GAAP basis, or about $0.13 on an adjusted basis, up from $0.06 a year earlier.

SoFi said it records crypto transactions on a gross basis because it acts as principal, buying crypto from or selling it to third-party liquidity…