Swissquote Cuts 2026 Guidance as Crypto Income Slumps in First Half

Swissquote has lowered its full-year 2026 net revenue and pre-tax profit guidance after a sharp decline in crypto-related income weighed on first-half results, even as client assets reached a record level.

The Swiss digital bank said net revenues rose 1.7% year on year to about US$448 million in the six months to June 30, while pre-tax profit fell 1.2% to about US$225 million.

Net profit declined 2.9% to about US$189 million.

The main drag came from crypto, where net crypto assets income fell 66.2% to about US$18 million amid weaker client participation, lower crypto asset prices and broader risk aversion. The figure included a roughly US$6.5 million negative mark-to-market adjustment related to crypto inventory used to support liquidity on Swissquote's SQX exchange.

Other revenue streams increased during the period. Net fee and commission income excluding crypto rose 13% to about US$152 million, while net trading income increased 15.8% to about US$79 million. Net interest income rose 7.2% to about US$143 million and net eForex income increased 9.1% to about US$56 million.

Swissquote said total expenses increased 4.6% to about US$223 million, partly because of higher depreciation and marketing costs and the full consolidation of mobile finance app Yuh.