eToro reported first-quarter net income of $82 million, up 37% from a year earlier, as a rise in commodities trading offset weak cryptocurrency activity.
The company announced Tuesday that net income rose 37% year over year to $82 million, compared to $60 million in the first quarter of 2025. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) rose 35% to $109 million, from $80 million a year earlier, while net contribution increased 19% to $258 million.
The upbeat results were largely driven by commodity trading, which accounted for nearly 60% of trading commissions in the quarter, with trading volume up nearly four-fold year-on-year. The company also expanded its equity offerings, adding Japanese stocks to bring exchange coverage to 26 and activated its BitLicense to launch cryptocurrency trading in New York.
Net revenue and income. Source: eToro
Funded accounts grew 12% to 4.02 million, while assets under management rose 15% to $17 billion. The company had $1.3 billion in cash, cash equivalents, and short-term investments as of March 31.
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Cryptocurrency trading volumes decline
Despite the surge in commodity trading, cryptocurrency volumes have taken a hit. April data released alongside earnings showed that cryptocurrency trading volumes fell 32% year-on-year to 2 million trades, while the amount invested per trade fell 22% to $207.
On the product side, eToro launched its AI-powered proxy portfolios feature and deepened its partnership with xAI, integrating Grok 4.2-powered market sentiment into Tori, its AI investment proxy.
EToro shares decline Source: Yahoo! finance
The company also completed its acquisition of Zengo, a self-custodial cryptocurrency wallet provider, on April 30, a move that CEO Uni Asia said reinforces eToro’s strategy of bridging traditional finance with on-chain infrastructure.
Assets under management rose to $18.7 billion in April, an increase of 19% year-on-year, while total financial transfers for the month reached $1.4 billion, an increase of 53%.
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Cryptocurrency exchanges are seeing a decline in trading volumes
As Cointelegraph reported, Coinbase reported a net loss of $394.1 million in the first quarter, its second straight quarterly loss, swinging from a profit of $65.6 million a year earlier.
Revenue was $1.41 billion, below analyst estimates of $1.5 billion, with transaction revenue down 40% and subscription and services revenue down 13.5% year over year. The total cryptocurrency market capitalization and trading volume fell by more than 20% on a quarterly basis.
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