Swissquote: H1 Crypto Income Falls 66.2% as Volume Drops 63.5%

Swissquote reported net crypto assets income of 7,484.9 (CHF thousand) for the 6 months ended 30 June 2023, compared with 19,453.6 (CHF thousand) in 2022, a change of -61.5%, according to its half-year results presentation published August 9, 2023 (Swissquote H1‑2023).

Crypto volume over the same period was 1,242.5 (CHF m) as at 30.06.2023, versus 3,265.9 (CHF m) as at 30.06.2022, a -62.0% decline (presentation).

Data Snapshot

MetricCurrentPreviousChangePeriodAs ofSourceNet crypto assets income7,484.9 (CHF thousand) — 202319,453.6 (CHF thousand) — 2022-61.5%6 months ended 30 June 2023reported in Swissquote H1‑2023 press conference (published August 9, 2023)Swissquote — Half‑year results 2023 (press conference presentation, PDF)Crypto volume1,242.5 (CHF m) — 30.06.20233,265.9 (CHF m) — 30.06.2022-62.0%6 months ended 30 June 2023reported in Swissquote H1‑2023 press conference (published August 9, 2023)Swissquote — Half‑year results 2023 (press conference presentation, PDF)Net revenues265,580.5 (CHF thousand) — 2023200,011.8 (CHF thousand) — 202232.8%6 months ended 30 June 2023reported in Swissquote H1‑2023 press conference (published August 9, 2023)Swissquote — Half‑year results 2023 (press conference presentation, PDF)Transactions (units)2,308,116 (units) — 30.06.20233,150,901 (units) — 30.06.2022-26.7%6 months ended 30 June 2023reported in Swissquote H1‑2023 press conference (published August 9, 2023)Swissquote — Half‑year results 2023 (press conference presentation, PDF)Total client assets56,879.7 (CHF m) — 30.06.202351,758.3 (CHF m) — 30.06.20229.9%as at 30 June 2023reported in Swissquote H1‑2023 press conference (published August 9, 2023)Swissquote — Half‑year results 2023 (press conference presentation, PDF)

H1 2023 crypto metrics moved lower

Confirmed facts: The H1‑2023 disclosure shows a sharp pullback across crypto activity compared with H1‑2022. Net crypto assets income fell to 7,484.9 (CHF thousand) from 19,453.6 (CHF thousand), change -61.5%. Reported crypto volume declined to 1,242.5 (CHF m) as at 30.06.2023 from 3,265.9 (CHF m) as at 30.06.2022, change -62.0% (Swissquote H1‑2023).

Transactions (units) decreased to 2,308,116 (units) as at 30.06.2023 from 3,150,901 (units) as at 30.06.2022, change -26.7%. Despite weaker crypto activity, net revenues for the 6 months ended 30 June 2023 were 265,580.5 (CHF thousand), up from 200,011.8 (CHF thousand), change 32.8%. Total client assets as at 30 June 2023 stood at 56,879.7 (CHF m), up from 51,758.3 (CHF m), change 9.9% (presentation).

What likely drove the decline

Confirmed facts: Swissquote’s subsequent H1‑2024 presentation indicates crypto metrics were highly volatile year to year and that net crypto assets income rebounded substantially versus H1‑2023, underscoring swings in crypto‑related activity across semesters (Swissquote H1‑2024).

Reasonable inference: The -62.0% fall in crypto volume and -26.7% decrease in transactions suggest lower client trading activity was a key headwind to crypto income in H1‑2023. Fee and spread dynamics, as well as broader market conditions at the time, likely contributed to the downturn. The company’s presentation does not attribute the declines to specific causes.

Market narrative: The subsequent rebound highlighted in H1‑2024 points to cyclicality in retail and institutional engagement with digital assets, where activity can shift materially between semesters.

How to read net crypto assets income

This metric reflects how much income Swissquote generated from crypto‑related client activity over the period. It can indicate the intensity of trading and client participation when read alongside crypto volume and transactions.

On its own, net crypto assets income cannot prove changes in market share, underlying profitability across segments, or the performance of specific cryptocurrencies. It also does not isolate the impact of pricing, spreads, or product mix, which are not detailed in the cited presentation.

What to watch next

Monitor Swissquote’s H1‑2024 crypto disclosures, published August 13, 2024, which show a substantial rebound and highlight the volatility of this line item (H1‑2024 presentation). Related metrics to watch in subsequent updates include crypto volume and transactions (units) for confirmation of any sustained recovery.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.