Swissquote Cuts 2026 Outlook as Crypto Income Plunges 66%

Swiss banking and fintech firm Swissquote Group (SQN) has lowered its full-year revenue and profit forecasts after a sharp downturn in cryptocurrency trading weighed heavily on its first-half results.

The Gland, Switzerland-based company reported net crypto income of 14.6 million Swiss francs ($18 million) for the first half of 2026, a 66.2% decline from the same period a year earlier. Crypto trading volume also dropped 63.5% to 2.58 billion francs, highlighting the impact of weaker digital asset markets on Swissquote’s business.

Following the slowdown, Swissquote reduced its 2026 net revenue forecast by approximately 30 million francs to 730 million francs. The company attributed the revised outlook primarily to cryptocurrency prices performing below its original expectations.

“The revised guidance now reflects a weaker-than-expected crypto environment,” Swissquote said.

Major cryptocurrencies suffered significant losses during the six months ended June 30. Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, declined 33%, while Ether (ETH) fell 47%. The CoinDesk 20 Index, which tracks leading digital assets, dropped around 40% during the same period.

Swissquote also recorded a 5.3 million-franc loss on its cryptocurrency inventory. The company maintains the inventory to facilitate trading activity on SQX, its proprietary crypto exchange.

Despite the steep decline in crypto-related revenue, stronger performance elsewhere helped stabilize Swissquote’s overall financial results. Growth in non-crypto trading and interest income kept revenue broadly unchanged and helped contain the decline in profitability.

Client assets were another bright spot, increasing nearly 20% to 96.3 billion francs, suggesting continued growth in assets held across the company’s platforms despite challenging crypto market conditions.

Investors reacted sharply to the weaker outlook and cryptocurrency performance. Swissquote shares plunged 14% following the announcement, as markets weighed the company’s reduced guidance against the continued expansion of its broader financial services business.