Swissquote Cuts 2026 Guidance Despite Record Client Assets

Record client assets usually make for a good quarter. Swissquote just posted its highest asset total ever and still had to cut its outlook.

The Swiss banking and trading firm slashed its 2026 guidance after first-half net crypto income fell 66.2% to CHF 14.6 million, with crypto trading volume down 63.5% to CHF 2.58 billion over the same period. Swissquote now expects roughly CHF 730 million in net revenue for the year, down from an earlier CHF 760 million target, and pre-tax profit near CHF 365 million instead of CHF 385 million. Shares fell as much as 14% on the announcement.

The company pointed directly at price declines: Bitcoin fell 33% and Ether dropped 47% over the six months to June 30, with the broader CoinDesk 20 Index down 40% across the same window. Despite that, client assets still climbed nearly 20% to a record CHF 96.3 billion, with growth in non-crypto trading and interest income cushioning the overall revenue hit.

It’s a clean illustration of how directly a regulated broker’s earnings can still be hostage to crypto price action even when the underlying client base keeps growing. Swissquote didn’t lose customers or assets, it lost the trading activity crypto’s price drop usually takes with it, and that’s a distinction worth remembering next time a “record assets” headline runs next to a guidance cut.

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