No but in a way yes.
Soy contains isoflavones.
These compounds are not estrogens and do not directly add to estrogen levels in the blood. They can, however, affect estrogen metabolism.
Isoflavones are sometimes called phytoestrogens, mainly because they produce weak estrogen-like activity in the body. Isoflavones bind to estrogen receptor proteins, which, in turn, interact with the genetic material in your cells. Therefore, isoflavones can mimic some of the biological activity of the natural estrogens.
There are two main types of estrogen receptor proteins, and isoflavones bind mainly to only one type. Consequently, the biological activity of isoflavones is not equivalent to estradiol, which binds to both types of receptor protein.
So no it doesnt increase your estrogen levels in a way, it mimics estrogen and will show increased estrogen levels if taking soy products. But this is only a small increase, but I guess any increase is negative in our minds.