eToro Q1 crypto contributions drop to $13 million even as trading platform grows

Crypto activity on eToro softened in the first quarter, with the total number of trades down 32% year-over-year, according to the brokerage’s latest financial statement published on Tuesday. 

Revenue from cryptoassets dropped to $2.15 billion in Q1 2026 from $3.5 billion in the same period last year. An eToro spokesperson told The Block the firm reports crypto revenue on a gross basis, showing the full value of trades totaling billions of dollars, though that activity only netted about $13 million of actual economic income in Q1 2026, down from $46 million in the first quarter of 2025.

This is despite some significant crypto-related investments for the Israeli trading platform in the quarter, most notably including its $70 million acquisition of wallet firm Zengo. The firm also rolled out crypto trading in New York, following up on its BitLicense acquisition from three years ago. 

In total, eToro saw stronger net contributions from all trading activity of $258 million, representing its "strongest quarter yet as a public company."

eToro is not alone in reporting a dip in crypto activity amid a sector-wide slowdown in the first quarter. Robinhood saw crypto revenues and trading volumes drop by roughly 50% in its latest financial statement, while Coinbase posted a net loss of $394.1 million in the first quarter.

"The acquisition of Zengo, a leading self-custodial crypto wallet provider, meaningfully advances our strategy of bridging traditional finance with on-chain infrastructure, prediction markets, perpetuals and the broader crypto ecosystem," eToro CEO Yoni Assia said in a statement.

"Looking ahead, we continue to enhance our global product offering, deepen our investment in on-chain technologies, and grow our suite of AI-driven tools, which we believe will fundamentally reshape how retail investors engage with the markets and unlock new opportunities for growth."

While crypto trading slowed, eToro reported that its balance sheet crypto holdings only dipped slightly to $60.5 million, down from $62.6 million at year-end 2025. 

Other areas of the business are also growing. Commodities represented 60% of eToro’s trading commissions, with volumes growing 4x year-over-year. Last quarter, eToro introduced 24/7 trading for select commodities, equities, and indices.

The firm’s adjusted EBITDA is up 35% YoY to $109 million, with net income rising 37% $82 million. Funded accounts grew 12% to over 4 million, while assets under administration grew 15% to $17 billion. 

This equates to a basic net income per share of 0.98, up from 0.79.

"Strong first quarter 2026 results supported by a surge in commodities trading, demonstrated the strength of our multi-asset business model. We delivered compelling financial performance through a combination of diversified revenue streams, strong funded accounts growth, and increased customer engagement. We continue to execute with discipline and focus as we seek to deliver long-term value to our shareholders," said Meron Shani, eToro CFO.

Editor's note: Updates story and headline to reflect eToro's net contribution from crypto, which better reflects economic activity because eToro is a pass-through buyer during crypto trades, inflating its revenue figure to billions of dollars.