Commodities Trading Surge Boosts EToro Earnings Despite Cryptocurrency Slowdown
In Q1 2026, EToro posted $82 million in net income, marking a 37% annual increase, as commodities trading volumes soared nearly four times compared to the previous year.
Trading platform EToro disclosed first-quarter net income of $82 million, representing a 37% increase compared to the same period last year, with a substantial increase in commodities trading compensating for diminished cryptocurrency activity.
The company's net income saw a 37% year-over-year jump to $82 million, rising from $60 million in Q1 2025, according to Tuesday's announcement. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased 35% to reach $109 million, up from $80 million in the prior year period, while net contribution expanded 19% to hit $258 million.
The strong performance was primarily fueled by commodities trading activity, which represented approximately 60% of the quarter's trading commissions, with volumes experiencing a nearly fourfold year-over-year increase. Additionally, the company broadened its equities platform by introducing Japanese stocks, expanding its exchange coverage to 26, and utilized its BitLicense to initiate crypto trading operations in New York.
The platform's funded accounts experienced 12% growth to reach 4.02 million, while assets under administration increased 15% to $17 billion. As of March 31, the company maintained $1.3 billion in cash, cash equivalents and short-term investments.
Crypto trading volumes tumble
Notwithstanding the boom in commodities trading, cryptocurrency volumes experienced a significant decline. April figures published with the earnings results revealed crypto trade volumes decreased 32% year-over-year to two million trades, while the invested amount per trade declined 22% to $207.
In terms of product development, eToro introduced an AI-powered Agent Portfolios feature and strengthened its collaboration with xAI, integrating Grok 4.2-powered market sentiment analysis into Tori, its artificial intelligence investing agent.
The platform also completed its purchase of Zengo, a self-custodial crypto wallet provider, on April 30, a transaction CEO Yoni Assia said furthers eToro's strategy of connecting traditional finance with on-chain infrastructure.
Assets under administration rose further to $18.7 billion in April, marking a 19% year-over-year gain, while total money transfers for the month reached $1.4 billion, up 53%.
Crypto exchanges see lower trading volumes
As Cointelegraph reported, Coinbase posted a net loss of $394.1 million in Q1, its second straight quarterly loss, swinging from a $65.6 million profit a year earlier.
Revenue came in at $1.41 billion, missing analyst estimates of $1.5 billion, as transaction revenue slumped 40% and subscription and services revenue fell 13.5% year-over-year. Total crypto market cap and trading volume were both down more than 20% quarter-over-quarter.