Figure sets a record: loan portfolio grows to $4.3 billion, while Bullish and Gemini show mixed trends
The second quarter of 2026 proved to be a landmark period for the lending blockchain platform Figure. The company reported consumer credit operations totaling $4.26 billion — a 132% increase year-over-year and 47% higher than first-quarter figures. The result exceeded the platform's own forecast of $3.8–4.1 billion.
Key growth drivers for Figure
The metric includes both loans issued through Figure's infrastructure and loans from third-party organizations traded on the Figure Connect marketplace. The latter showed particularly impressive momentum in June: transaction volume reached $1.52 billion, up 155% year-over-year. The platform's net profit nearly tripled — from $19.9 million to $58 million.
However, the Figure ecosystem is uneven. The volume of the tokenized product YLDS in circulation declined by 7% to $556 million. At the same time, the on-chain service Democratized Prime demonstrated growth: transaction volume increased by 6% to $392 million, borrower demand rose by 10% to $414 million, and available supply from lenders grew by 15% to $522 million.
Bullish: losses grow, but revenue hits records
The crypto exchange Bullish showed the opposite trend. Net loss in the second quarter widened to $280 million ($1.78 per share) versus $108.3 million a year earlier. The main factor is volatility in the fair value of crypto assets on the company's balance sheet. Meanwhile, adjusted revenue increased by 62% to $92.6 million, exceeding the analyst consensus forecast ($87.4 million). Subscriptions and services brought in a record $62.7 million.
The trading business, by contrast, is under pressure: digital asset sales volume plummeted by 44% year-over-year — from $58.6 billion to $32.6 billion. The company is actively diversifying: in May, it announced the acquisition of transfer agent Equiniti for $4.2 billion, which will enable the creation of a unified infrastructure for tokenized securities.
Gemini narrows losses but loses trading volume
The Gemini exchange ended the quarter with a net loss of $107.7 million — 19% less than a year earlier ($133.2 million). Revenue grew by 37% to $45.5 million. CEO Tyler Winklevoss highlighted consistent efforts to reduce operating expenses and diversify revenue. The credit card brought in $16.2 million (+231%), and staking — $4 million (+50%). However, exchange revenue declined by 38% to $12.5 million amid falling trading volumes from $11.3 billion to $3.8 billion.
Securitize: market punishes weak results
The RWA platform Securitize posted a net loss of $21.7 million versus $6.1 million a year earlier. Revenue declined by 5% to $14.4 million, falling short of Wall Street forecasts ($20.6 million). The company's shares dropped by 27% to $5.7. Meanwhile, the average volume of tokenized assets under management reached a record $4.3 billion (+16% year-over-year).
My analysis: The quarterly reports once again confirm a structural shift in the industry. Figure and Gemini demonstrate that diversification beyond pure trading is becoming a key factor in resilience. Bullish and Securitize, by contrast, show how sensitive business models are to market volatility. Investors should pay closer attention not to the top line, but to the quality of earnings and resilience to market cycles.