Figure doubles credit portfolio to $4.3 billion, while Bullish and Gemini show mixed trends: Q2 2026 earnings review
The digital asset sector continues to demonstrate a polarization of business models. Lending blockchain platform Figure reported impressive growth: in the second quarter of 2026, the volume of consumer loan transactions reached $4.26 billion. This is 132% higher than a year earlier and 47% above the previous quarter's figures. The company not only exceeded its own forecast ($3.8–4.1 billion) but also confirmed sustained demand for on-chain lending.
The key driver was the Figure Connect marketplace, through which loans from third-party organizations are processed. In June alone, transactions worth $1.52 billion were processed through it — a 155% year-over-year increase. The platform's net profit for the quarter nearly tripled, jumping from $19.9 million to $58 million. However, the ecosystem is uneven: the volume of the tokenized product YLDS in circulation fell by 7% (to $556 million), while the on-chain service Democratized Prime showed modest growth of 6% — to $392 million in closed deals.
Bullish: a bet on diversification
A completely different picture emerges from the financial report of the crypto exchange Bullish. The company's net loss in the second quarter grew to $280 million (or $1.78 per share) versus $108.3 million a year earlier. The main blow came from the revaluation of the fair value of crypto assets on the balance sheet. Nevertheless, adjusted revenue increased by 62% — to $92.6 million, exceeding the analyst consensus forecast ($87.4 million).
Notably, subscriptions and services brought in a record $62.7 million — a year earlier this figure was only $32.9 million. This confirms Bullish's strategy of moving away from dependence on volatile trading. Digital asset sales volume, by contrast, collapsed by 44% — from $58.6 billion to $32.6 billion. The company is making a far-reaching bet on tokenization: the agreement to acquire transfer agent Equiniti for $4.2 billion is intended to create a unified infrastructure for the issuance and circulation of tokenized securities.
Gemini narrows losses, Securitize disappoints the market
The Gemini exchange ended the quarter with a net loss of $107.7 million, which is 19% better than last year's result ($133.2 million). Revenue grew by 37% — to $45.5 million. CEO Tyler Winklevoss attributes the improvement to revenue diversification and cost reductions following restructuring. The growth in non-crypto segments is especially noticeable: the credit card brought in $16.2 million (+231%), and staking — $4 million (+50%). However, the core exchange business continues to shrink: trading income fell by 38%, and trading volume collapsed from $11.3 billion to $3.8 billion year over year.
Things are quite different for the RWA platform Securitize. The company posted a net loss of $21.7 million versus $6.1 million a year earlier, while revenue declined by 5% — to $14.4 million. The result fell short of Wall Street expectations ($20.6 million), triggering a stock collapse of more than 27% — to $5.7. Despite this, the average volume of tokenized assets under management reached a record $4.3 billion (+16% year over year), indicating the sector's long-term potential, even if current monetization still leaves much to be desired.
My comment: This quarter's reporting clearly separates "infrastructure" players from "speculative" traders. Figure and Gemini prove that lending and service products can be a stable source of income, while Bullish and Securitize show that betting on tokenization requires patience and capital. Investors should look more closely at the revenue structure rather than absolute profit figures — it is this that determines business sustainability in the next cycle.