Figure doubles credit portfolio to $4.3 billion: quarterly review of crypto finance giants
The second quarter of 2026 was a landmark period for the crypto-finance market: the lending platform Figure demonstrated explosive growth, while other players in the sector showed mixed results. My analysis of the reports from leading industry companies reveals a clear trend: diversification of business models is becoming a key factor for survival amid the volatility of digital assets.
Figure: Credit Boom and Record Profit
Figure's consumer lending volume reached $4.26 billion, exceeding both my forecast ($3.8–4.1 billion) and market expectations. Growth of 132% year-over-year and 47% quarter-over-quarter points to rapid infrastructure scaling. Particularly telling is the June result of the Figure Connect marketplace — $1.52 billion, up 155% from the previous year. The platform's net profit tripled to $58 million, confirming the effectiveness of the chosen strategy.
However, not all ecosystem metrics are equally optimistic. The volume of the tokenized product YLDS declined by 7% to $556 million, although the on-chain service Democratized Prime showed growth: transaction volume increased by 6% to $392 million, and borrower demand rose by 10%.
Bullish: Losses Due to Volatility, but Revenue Grows
The cryptocurrency exchange Bullish demonstrates the opposite dynamic. Net loss reached $280 million versus $108.3 million a year earlier, directly linked to the revaluation of crypto assets on the balance sheet. At the same time, adjusted revenue jumped 62% to $92.6 million, surpassing the analyst consensus forecast ($87.4 million). Subscriptions and services brought in a record $62.7 million — a clear signal that the company is successfully moving away from dependence on purely trading operations.
Digital asset sales volume plummeted 44% to $32.6 billion, forcing Bullish to actively seek new revenue sources. The purchase of transfer agent Equiniti for $4.2 billion is a strategic step toward creating unified infrastructure for tokenized securities.
Gemini and Securitize: Different Paths to Stability
Gemini reduced its quarterly loss by 19% to $107.7 million, increasing revenue by 37% to $45.5 million. Key drivers are the credit card ($16.2 million, +231%) and staking ($4 million, +50%). However, exchange revenue fell 38% amid a collapse in trading volumes from $11.3 billion to $3.8 billion. CEO Tyler Winklevoss rightly notes: reducing operating expenses and diversifying are yielding results, but much work remains.
Securitize looks the worst: net loss grew to $21.7 million, revenue fell 5%, and shares plunged 27% to $5.7 after the report's release. The average volume of tokenized assets under management reached a record $4.3 billion (+16%), but this is insufficient to offset operational problems.
My conclusion: the crypto-finance market is entering a consolidation phase where companies with diversified revenues and strong infrastructure win. Figure and Bullish demonstrate the right strategy, while Securitize urgently needs a business model overhaul.