THE GIST

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Swissquote is still pulling in clients and money. The problem is that crypto stopped pulling its weight.

Investors looked past the record assets and focused on the guidance cut. When a growth stock says “still good, just less good,” the market tends to hear the second part louder.

WHAT HAPPENED

Swissquote reported a mixed first half.

Client assets rose to a record CHF 96.3 billion (about $118.5 billion), up nearly 20% from a year earlier and close to the CHF…