Figure doubles credit portfolio to $4.3 billion, while Bullish and Gemini show mixed trends
The second quarter of 2026 proved to be a landmark period for the crypto lending and digital assets market. My analysis of the latest financial reports from key industry players revealed a stark contrast: some platforms are growing volumes at explosive rates, while others are facing serious challenges despite rising revenue.
Figure: record growth and confident beat of forecasts
Lending blockchain platform Figure reported consumer loan operations totaling $4.26 billion for the quarter. This is 132% higher than a year earlier and 47% above the previous quarter's figure. The company significantly exceeded its own forecast of $3.8–4.1 billion, indicating strong demand for on-chain lending infrastructure.
This metric includes both loans issued through Figure's infrastructure and loans from third-party organizations traded on the Figure Connect marketplace. The latter posted $1.52 billion in June — a 155% year-over-year increase. The platform's net profit nearly tripled, reaching $58 million versus $19.9 million a year earlier.
However, not all ecosystem metrics were equally positive. The volume of the tokenized YLDS product in circulation declined by 7% to $556 million. At the same time, the on-chain service Democratized Prime showed 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 due to volatility, but diversification is in full swing
Crypto exchange Bullish showed the opposite trend. The net loss for the quarter widened to $280 million ($1.78 per share) versus $108.3 million a year earlier. The main factor was fluctuations in 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 of $87.4 million. Subscriptions and services brought in a record $62.7 million.
Digital asset sales volume, by contrast, collapsed by 44% — from $58.6 billion to $32.6 billion. The company is clearly trying to reduce its dependence on crypto trading. In May, Bullish agreed to acquire transfer agent Equiniti for $4.2 billion. After the deal closes, the exchange plans to integrate infrastructure for issuing, listing, trading, and custody of tokenized securities. This is a strategically sound move that could fundamentally transform the business model in the long term.
Gemini: narrowing losses and a bet on non-exchange revenue
Gemini ended the quarter with a net loss of $107.7 million — 19% less than the $133.2 million a year earlier. Revenue grew by 37% to $45.5 million. The company attributes the improvement to growth in non-trading income and reduced expenses following restructuring. The credit card brought in $16.2 million (+231%), and staking — $4 million (+50%). However, exchange revenue fell by 38% to $12.5 million amid a decline in trading volumes from $11.3 billion to $3.8 billion.
Securitize: market disappointment and falling shares
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 the Wall Street consensus forecast of $20.6 million. The company's shares dropped more than 27% to $5.7. Meanwhile, the average volume of tokenized assets under management reached a record $4.3 billion (+16% year-over-year), although tokenization revenue fell by 12%.
My view: this quarter's reports clearly show that the market is moving toward diversification and tokenization of real-world assets. Figure and Bullish demonstrate that infrastructure solutions and institutional services are becoming the main growth driver, while purely speculative trading is losing momentum. Investors should closely monitor how companies adapt their models to the new reality.