Swissquote reported record client assets of $118.4 billion for the first half of 2026, up 19.8% year-over-year, but the growth story has a wrinkle: crypto revenue plunged 66.2% over the same period. The sharp decline in digital asset trading prompted the Swiss online bank to lower its full-year revenue forecast.
The asset record
The $118.4 billion figure marks a new high for the bank, fueled by net inflows and market gains across its core wealth management and trading businesses. The 19.8% jump from the same period last year shows steady momentum in the bank's traditional brokerage operations.
But the headline number masks a split. While the broader business expanded, the crypto segment went the other way, and the swing was big enough to force a revision of expectations for the rest of 2026.
Crypto revenue dives
Crypto revenue fell 66.2% in the first half, a steep drop that reflects quieter trading conditions in digital assets after a busy stretch in 2025. Swissquote doesn't break out the exact dollar figure in its interim report, but the percentage alone tells the story: the crypto business that helped fuel earlier growth is now a drag on the income statement.
The bank didn't blame a specific event or market crash. It pointed to lower client trading activity in crypto products. That's a demand problem, not an operational one — and it's the kind of slowdown that's hard to reverse quickly if volatility stays low.
Outlook trimmed
Because of that slide, Swissquote now sees full-year revenue coming in below its earlier target. The bank stopped short of calling it a major setback — the rest of the business is still growing — but the guidance change is a clear signal that management doesn't expect crypto volumes to bounce back in the second half.
It's a notable shift for a firm that positioned itself as a bridge between traditional banking and digital assets. Swissquote still offers crypto trading alongside stocks, bonds, and funds, but the revenue mix is rebalancing. The question now is whether the crypto slump is a lull or a longer reset.
