Swiss online banking group Swissquote reported record client assets of $118.4 billion for the first half of 2026, but a sharp decline in crypto-related income has forced the company to lower its full-year revenue and profit forecasts.
Despite stronger performance across traditional financial products, the weakness in digital assets weighed heavily on the group’s results.
Crypto income falls 66.2%
Swissquote’s net crypto asset income dropped 66.2% year over year to approximately $18 million during the first half of 2026.
The decline was attributed to weaker cryptocurrency trading activity, heightened risk aversion and challenging macroeconomic conditions, including elevated interest rates and a strong U.S. dollar.
Crypto income also included a roughly $6.5 million mark-to-market adjustment on Swissquote’s digital asset inventory. The company maintains these assets to provide liquidity for its proprietary crypto exchange, SQX.
The weaker-than-expected crypto contribution became the main reason behind Swissquote’s decision to reduce its full-year financial guidance.
Client assets hit a record
The crypto downturn was offset in part by stronger performance across Swissquote’s broader financial business.
Total client assets increased 19.8% year over year to $118.4 billion, reaching a new record. Total net revenue rose 1.7% to approximately $447 million, while pre-tax profit remained around $225 million, producing a 50.2% pre-tax margin.
Traditional financial products performed considerably better than digital assets.
Net fee and commission income increased 13% to $152 million, supported by stronger equity-market activity. Net trading income climbed 15.8% to $79 million, helped by higher eForex trading volumes.
Net interest income also rose 7.2% to $142 million as the company’s balance sheet expanded by 17.3% over the previous year.
Meanwhile, eForex income increased 9.1% to $56 million, benefiting from greater volatility in precious metals and commodity markets.
Full-year guidance reduced
The weaker crypto performance prompted Swissquote to lower its 2026 financial expectations.
The company now expects full-year net revenue of approximately $897 million, compared with its previous forecast of $934 million.
Its pre-tax profit target has also been reduced from $473 million to roughly $449 million.
The revisions highlight the sensitivity of Swissquote’s results to cryptocurrency trading activity, even as its diversified business model provides some protection against weakness in individual asset classes.
Long-term targets remain unchanged
Despite the near-term decline in crypto income, Swissquote said its medium-term strategy remains intact.
The company maintained its target of reaching approximately $615 million in pre-tax profit by 2028, suggesting management views the current weakness in crypto activity as a cyclical setback rather than a fundamental change in its digital-asset strategy.
The first-half results underline a broader trend across financial platforms: cryptocurrency can remain a meaningful source of revenue during periods of strong market activity, but its volatility can also quickly affect earnings when trading volumes and investor risk appetite decline.
