Key Takeaways
- Swissquote’s H1 2026 crypto income plummeted 66.2% to nearly $18M, driving a $6.5M valuation loss on SQX.
- The crypto slump dragged Swissquote shares down 12% as weak bitcoin trading hit retail digital assets.
- Swissquote lowered its 2026 revenue target to $897M, but kept its approximately $615M profit goal for 2028.
Crypto Revenue Plunges 66%
Swiss online banking group Swissquote reported record client assets and steady profitability for the first half of 2026, even as a sharp downturn in its digital assets division dragged down crypto revenue and forced management to lower its full-year guidance.
Despite macroeconomic headwinds and geopolitical uncertainty, Swissquote’s total client assets surged 19.8% year-over-year to reach an all-time high of $118.4 billion (96.3 billion Swiss francs).
Total net revenues edged up 1.7% to $447 million, while pre-tax profit remained solid at approximately $225 million, preserving a pre-tax profit margin of 50.2%. However, the group’s digital asset segment faced severe headwinds, underscoring the ongoing volatility of retail cryptocurrency trading.
The digital asset sector proved to be the primary pain point in Swissquote’s first-half performance. Net crypto asset income plummeted 66.2% year-over-year to $18 million, down from previous periods as geopolitical friction, elevated interest rates and a strong U.S. dollar dampened retail investor enthusiasm.
The drop in crypto performance was driven by several key factors, including what Swissquote described as widespread risk aversion across digital markets, which led to reduced trading volume and lower client participation. Crypto income also included a $6.5 million mark-to-market valuation adjustment on Swissquote’s digital asset inventory, which the bank maintains to provide liquidity on its proprietary crypto exchange, SQX.
Internal projections had anticipated a far stronger contribution from digital assets, making the first-half crypto shortfall the primary driver behind the firm’s revised expectations for 2026. Still, Swissquote’s broad product range effectively buffered the group from deeper losses in the crypto unit.
Strong momentum across traditional financial instruments and rising interest rates helped offset the digital asset slump. As shown by the financial results, net fee and commission income jumped 13% to $152 million, bolstered by buoyant stock markets. In comparison, net trading income went up 15.8% to $79 million, driven by eForex trading volume.
Net interest income increased 7.2% to $142 million on a higher balance sheet total — up 17.3% over 12 months — while eForex income climbed 9.1% to $56 million, aided by heightened volatility in precious metals and commodities.
Due to the slower-than-expected recovery in crypto asset trading, management trimmed its full-year net revenues targets to $897 million, down from $934 million. Full-year pre-tax profit has been revised downward from $473 million to approximately $449 million.
Despite the near-term recalibration of its digital asset revenues, Swissquote insisted its medium-term targets remain fully intact, maintaining its objective of reaching $615 million in pre-tax profit by 2028.
