Swissquote lowers revenue target as crypto income falls 66.2%

Swiss online banking group Swissquote has lowered its full-year revenue guidance for 2026 following a significant decline in its digital assets division. While the company reported record client assets of $118.4 billion—a 19.8% year-over-year increase—net crypto asset income plummeted 66.2% to approximately $18 million during the first half of 2026.

The downturn in cryptocurrency revenue was attributed to widespread risk aversion, reduced trading volumes, and lower client participation driven by geopolitical uncertainty, high interest rates, and a strong U.S. dollar. The slump also included a $6.5 million mark-to-market valuation adjustment on the bank’s digital asset inventory used for its proprietary exchange, SQX.

Despite the crypto-related challenges, Swissquote maintained steady profitability with pre-tax profits of approximately $225 million and total net revenues increasing 1.7% to $447 million. The group’s performance in traditional financial instruments helped buffer the losses in the digital asset segment. The company has revised its 2026 revenue target to $897 million but maintains its profit goal of approximately $615 million for 2028.