Swissquote reported a record $118.4 billion in client assets for the first half of 2026, up 19.8% from a year earlier, but a sharp decline in crypto revenue has prompted the online banking group to lower its full‑year revenue forecast.
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.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.
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.
