Swissquote Lowers Revenue Target as Crypto Income Drops 66.2%
Sharp decline in digital assets forces Swissquote to revise its 2026 revenue forecast.
1Sharp Decline in Crypto Revenue
Swissquote's crypto asset income plummeted 66.2% to $18 million in H1 2026. The drop was driven by geopolitical tensions, high interest rates, and a strong US dollar reducing retail investor interest. The bank also recorded a $6.5 million mark-to-market loss on its SQX crypto exchange inventory. Widespread risk aversion in crypto markets significantly reduced trading volume and client participation.
2Record Total Client Assets
Swissquote's total client assets grew 19.8% to $118.4 billion in H1 2026, a record high. Net revenues increased 1.7% to $447 million, while pre-tax profit remained solid at $225 million, maintaining a 50.2% margin. Strong performance in traditional financial instruments offset the crypto decline.
3Revised Revenue and Profit Targets
Swissquote lowered its 2026 net revenue target from $934 million to $897 million. Pre-tax profit forecast was revised down from $473 million to $449 million. However, the bank maintains its 2028 target of $615 million in pre-tax profit. The slower-than-expected crypto recovery was cited as the main reason for these revisions.
4Strong Traditional Finance Performance
Despite crypto losses, Swissquote's traditional products performed well. Net fee and commission income rose 13% to $152 million. Net trading income increased 15.8% to $79 million, supported by eForex trading volume and precious metals volatility. Net interest income grew 7.2%.
5SQX Valuation Loss
Swissquote's proprietary crypto exchange SQX saw a $6.5 million inventory valuation loss. This reflects broader crypto market declines. The bank maintains this inventory to provide SQX liquidity. Crypto underperformance contributed to a 12% drop in Swissquote shares.
6Medium-Term Targets Intact
Despite short-term crypto revenue declines, Swissquote maintains its medium-term goals. The bank aims to reach $615 million pre-tax profit by 2028. Switzerland's ongoing crypto adoption efforts support this long-term strategy. The pace of crypto market recovery will be crucial.
7Macroeconomic Impacts
Swissquote's crypto revenue drop was significantly influenced by global macroeconomic conditions. High interest rates and a strong US dollar reduced demand for risky assets. Geopolitical uncertainties also drove investors away from crypto. These factors substantially decreased retail crypto trading volume.
8Industry-Wide Trend
Swissquote's crypto decline reflects broader industry trends. Global crypto markets experienced significant volatility in H1 2026. Many financial institutions revised earnings forecasts due to crypto underperformance. However, Swissquote's diversified product range successfully mitigated these impacts.
Original article: Bitcoin News — Swissquote Gelir Hedefini Düşürdü: Kripto Gelirleri %66.2 Düştü