Crypto news

The digital finance sector continues to show mixed dynamics, and the second quarter 2026 earnings report is a clear confirmation of that. Lending blockchain platform Figure not only exceeded its own forecasts but set a new record, processing $4.26 billion in consumer loans.

This figure is impressive: a 132% year-over-year increase and a 47% rise from the previous quarter. The company expected results in the range of $3.8–4.1 billion, but actual data came in above the upper bound. June was particularly notable, with $1.52 billion in transactions processed through the Figure Connect infrastructure—155% more than a year earlier. The platform's net profit nearly tripled, reaching $58 million versus $19.9 million in Q2 2025.

Ecosystem unevenness: tokenization versus lending

However, not all Figure segments show equal success. The volume of the tokenized YLDS product in circulation fell by 7% to $556 million. At the same time, the on-chain service Democratized Prime shows moderate growth: transaction volume increased by 6% to $392 million, borrower demand rose by 10%, and lender supply by 15%.

This dynamic points to a redistribution of interest within the market: classic lending through centralized infrastructure is growing faster than decentralized and tokenized products. This could be a signal that institutional players still prefer more familiar and regulated instruments.

Bullish: contradictory signals amid losses

Crypto exchange Bullish faced the opposite situation. Net loss for the quarter widened to $280 million, or $1.78 per share, versus $108.3 million a year earlier. The main reason is volatility in the fair value of crypto assets on the balance sheet. However, adjusted revenue jumped 62% to $92.6 million, beating the analyst consensus forecast of $87.4 million. A record $62.7 million came from subscriptions and services.

A worrying signal is the 44% year-over-year decline in digital asset sales volumes, from $58.6 billion to $32.6 billion. This explains Bullish's diversification strategy: the $4.2 billion acquisition of transfer agent Equiniti is intended to create a unified infrastructure for tokenized securities. The company is clearly preparing for a new era where crypto trading will no longer be its sole source of revenue.

Gemini: slow recovery

Exchange Gemini cut its quarterly loss by 19% to $107.7 million, while revenue grew 37% to $45.5 million. The improvement is tied to revenue diversification: the credit card brought in $16.2 million (+231%), and staking—$4 million (+50%). However, exchange revenue fell 38% to $12.5 million amid a collapse in trading volumes from $11.3 billion to $3.8 billion. CEO Tyler Winklevoss acknowledges that the company still has much work ahead, but the results reflect efforts to reduce costs.

Securitize: market disappointment

RWA platform Securitize turned out to be the quarter's laggard. Net loss widened to $21.7 million from $6.1 million a year earlier, while revenue declined 5% to $14.4 million. The result came in below Wall Street expectations ($20.6 million), triggering a 27% stock plunge to $5.7. At the same time, average tokenized assets under management reached a record $4.3 billion (+16% year over year), indicating long-term potential despite current financial difficulties.

My take: the quarter showed that the market is moving toward consolidation and diversification. Figure demonstrates how blockchain infrastructure can scale in traditional lending, while Bullish and Gemini are actively seeking new revenue sources beyond spot trading. However, Securitize's losses serve as a reminder: tokenization of real-world assets is a marathon, not a sprint, and investors should evaluate such companies with a multi-year horizon rather than a quarterly one.