Citigroup Q2 2025: $5.9B markets revenue, crypto custody launch planned
In brief
- Citigroup's Q2 2025 markets revenue reached $5.9 billion, up 16% year-over-year
- Net income of $4.0 billion on $21.7 billion total revenues exceeded analyst expectations
- Crypto custody services launching in 2026 via Citi Token Services
- Prime balances grew 27%, reflecting strong institutional client demand
Markets Momentum Across Divisions
The bank reported total markets revenue of $5.9B in the second quarter of 2025, a 16% jump from the same period last year, marking its strongest second quarter since 2020. Fixed Income Markets carried the heaviest load, generating $4.3 billion, up 20% year-over-year. Equity Markets contributed $1.6 billion, a 6% increase from the prior year.
Institutional activity surged. Prime balances grew roughly 27%, pointing to a surge in institutional client activity. This uptick reflects broader demand for sophisticated trading and liquidity services across traditional and emerging asset classes.
Crypto Custody and Tokenization
The earnings beat arrives as Citigroup positions itself for the blockchain era. Citi is planning to launch crypto custody services in 2026. The move puts the bank in direct competition with established players—Coinbase, which has built custody into a core revenue line through its institutional products, and JPMorgan, which has been running its own blockchain settlement infrastructure for years.
Citi Token Services is already designed to facilitate around-the-clock liquidity movement and deepen blockchain connectivity across institutional clients. Citi has also published research under the "Tokenization 2030" banner projecting that tokenized assets could reach trillions in value by the end of the decade. If the custody rollout succeeds, Citigroup could cement itself as a bridge between traditional finance and blockchain-native infrastructure.
"If Citi Token Services scales as designed, the bank could become a significant conduit for moving traditional assets onto blockchain rails." — Crypto Briefing analysis
