- eToro’s crypto revenue fell from $3.5 billion to $2.15 billion year over year
- Crypto trading activity dropped 32% in Q1
- The company continues expanding into wallets, AI tools, and onchain infrastructure
- Commodities trading became a major growth driver for the platform
Crypto Trading Slowdown Hits eToro
eToro reported a major decline in crypto trading activity during the first quarter as broader market volatility weighed on retail participation across the industry.
The company’s crypto revenue dropped to $2.15 billion from $3.5 billion during the same period last year, while total crypto trades fell approximately 32% year over year.
The results mirror similar weakness recently reported by competitors such as Coinbase and Robinhood, both of which also experienced lower trading volumes and weaker crypto-related revenue during the quarter.
eToro Continues Expanding Its Crypto Ecosystem
Despite weaker short-term trading activity, eToro continued investing aggressively into crypto infrastructure and blockchain services.
One of the company’s biggest recent moves was its $70 million acquisition of self-custody wallet provider Zengo.
The acquisition supports eToro’s long-term strategy of integrating traditional investing with onchain finance, prediction markets, perpetual futures, and AI-powered trading systems.
CEO Yoni Assia said the company believes AI tools and blockchain infrastructure will significantly reshape retail investing over the coming years.
Other Business Segments Are Growing Faster
Although crypto trading slowed, other parts of eToro’s business performed strongly.
Commodities trading volumes increased roughly fourfold year over year and accounted for approximately 60% of the platform’s total trading commissions during the quarter.
The company also expanded 24/7 trading support for select commodities, equities, and stock indices as it pushes toward always-open global markets.
Meanwhile, funded accounts grew 12% to more than 4 million users, while assets under administration increased 15% to approximately $17 billion.
Profitability Improved Despite Crypto Weakness
eToro’s adjusted EBITDA rose 35% year over year to $109 million, while net income increased 37% to $82 million.
The company also reduced its crypto-related costs significantly, helping offset the decline in trading revenue.
Its balance sheet crypto holdings remained relatively stable at approximately $60.5 million compared to $62.6 million at the end of 2025.
The results highlight how diversified trading platforms are increasingly relying less on crypto volatility alone and expanding into broader multi-asset ecosystems that include commodities, equities, AI-driven products, and blockchain infrastructure.
