Swissquote Cuts Profit Outlook After Crypto Slump
The Swiss online bank saw crypto revenue and trading volumes fall sharply, while Bitcoin and Ethereum dropped heavily in the first half of the year.
Key Takeaways
- Swissquote lowered its 2026 revenue and profit outlook after a sharp drop in crypto revenue in the first half of the year.
- Net crypto income fell 66.2% to 14.6 million Swiss francs, while crypto trading volume dropped 63.5%.
- Swissquote also booked a 5.3 million franc loss on crypto inventory, while client assets rose nearly 20% to 96.3 billion francs.
Swissquote lowered its revenue and profit outlook for all of 2026 after crypto revenue fell sharply in the first half of the year. The Swiss online bank saw net crypto income drop 66.2% to 14.6 million Swiss francs, while crypto trading volume also fell sharply.
Crypto Revenue Drops Sharply
The Gland-based Swissquote said crypto trading volume fell 63.5% to 2.58 billion Swiss francs. As a result, the company cut its net revenue outlook by about 30 million francs to 730 million francs. According to Swissquote, results came under pressure because prices for most cryptocurrencies fell and the initial assumptions for the half-year turned out to be unrealistic.
Bitcoin fell 33% in the six months through June 30, while Ethereum lost 47%. The CoinDesk 20 Index dropped 40% over the same period. Swissquote said the updated guidance now reflects a weaker crypto environment.
Pressure on Inventory and Shares
Along with lower trading revenue, Swissquote also booked a 5.3 million franc loss on the crypto inventory it holds to support trading on its SQX exchange. That shows that not just volumes, but price moves themselves, feed directly into the results of a broker that actively offers crypto.
The broader business did help limit the damage somewhat. Revenue was mostly stable overall, and profit fell less sharply because growth elsewhere kept going. Client assets rose nearly 20% to 96.3 billion francs.
Why This Matters
For European crypto followers, this is a useful reminder that publicly traded financial firms still remain sensitive to the state of the crypto market. In 2025, Swissquote still got about 12% of its net revenue from crypto-related income, compared with around 22% during the 2021 bull market. That makes the current pullback especially visible, especially as analysts also keep watching other revenue streams like securities trading, forex, and interest income to offset weaker crypto revenue. Robinhood also recently saw how a drop in crypto revenue fed directly into its stock performance, which highlights how sensitive this business model is.
