Figure's lending business soared to $4.3 billion in Q2 2026, while other crypto firms like Bullish and Gemini faced varying losses and revenue challenges.
Figure, a blockchain-based lending platform, reported a remarkable $4.26 billion in consumer loans for Q2 2026, a 132% increase year-over-year and a 47% rise from the previous quarter. This significant growth exceeded the company's own projections of $3.8 to $4.1 billion, showcasing robust demand for its loan services.
The marketplace alone accounted for $1.52 billion in June alone, a staggering 155% increase from the same month last year. Along with this growth, Figure's net profit surged from $19.9 million to $58 million. However, not all metrics showed positive trends; the trading volume for its tokenized product YLDS fell by 7% to $556 million, while on-chain service Democratized Prime saw a 6% increase in transaction volume, totaling $392 million.
Bullish Reports Significant Loss Amid Revenue Increase
In stark contrast, the cryptocurrency exchange Bullish encountered a net loss of $280 million in the same quarter, translating to $1.78 per share, a drop from a loss of $108.3 million the prior year. This downturn was attributed to volatility in the fair value of their crypto assets.
Despite the losses, adjusted revenue jumped by 62% to $92.6 million, exceeding analyst expectations of $87.4 million. The exchange's subscription and service revenue more than doubled to $62.7 million. However, overall digital asset sales plummeted by 44% from $58.6 billion to $32.6 billion.
In an effort to diversify, Bullish is moving into new areas, including a planned $4.2 billion acquisition of transfer agent Equiniti, which will enhance its capabilities in tokenized securities.
Gemini's Losses Narrow but Trading Activity Declines
Gemini also reported improvements, with a reduced net loss of $107.7 million, down from $133.2 million year-over-year. Revenue increased by 37% to $45.5 million, aided by non-trading revenues and cost-cutting measures. However, compared to Q1, losses remained relatively stable.
CEO Tyler Winklevoss noted the ongoing efforts to streamline operations and diversify revenue. The credit card segment saw impressive growth, contributing $16.2 million, while staking revenue rose to $4 million. Nevertheless, exchange revenues dropped by 38% to $12.5 million due to a significant decline in trading volumes.
Securitize Shares Plummet After Lackluster Earnings
Securitize, a platform for real-world asset tokenization, reported a net loss of $21.7 million, significantly higher than the $6.1 million loss a year prior, and revenue dipped by 5% to $14.4 million, falling short of analyst expectations. Following the earnings announcement on August 13, Securitize’s shares fell by 27% to $5.7.
Despite the challenging earnings report, the average volume of tokenized assets managed by Securitize grew to a record $4.3 billion, marking a 16% increase compared to the previous year, though revenue from tokenization itself declined.
