eToro entered the first quarter with crypto activity cooling, yet CEO Yoni Assia kept the company’s digital asset thesis firmly intact. Crypto derivatives trading on the platform dropped during the period, while revenue from cryptoassets fell to $2.15 billion from $3.50 billion a year earlier. Still, the broader business showed unusual resilience: net contribution rose 19% to $258 million, net income climbed 37% to $82 million, and adjusted EBITDA reached $109 million. For a platform historically linked to retail crypto demand, the quarter looked less like a retreat from digital assets than a stress test of diversification.
Multi-Asset Growth Offsets Crypto Weakness
Commodities carried much of the operating momentum. eToro said trading in that segment accounted for nearly 60% of total trading commissions, with volumes increasing almost fourfold year over year. The company also introduced 24/7 trading for selected commodities, equities and indices, added Japanese equities, and expanded access across 26 exchanges. That shift matters because it shows retail flows moving through different risk channels as market conditions change. Crypto weakness did not break the model, but it did force the business mix to lean harder on metals, equities, currencies and around-the-clock product design.
Assia’s crypto message remained direct. He said he is bullish on digital assets and expects crypto to return to all-time highs this year, even as recent activity softened. The company also activated its BitLicense and Money Transmitter License to introduce crypto trading for users in New York, a market with a demanding regulatory perimeter. That expansion sits beside the April 30 closing of eToro’s Zengo acquisition, bringing a self-custodial wallet provider into its product roadmap. The strategy is shifting from trading access toward on-chain infrastructure, custody optionality and broader ecosystem participation.
The financial backdrop explains why that commitment is more complicated than a simple bullish slogan. Total revenue and income fell to $2.44 billion from $3.76 billion, mainly because cryptoasset revenue declined. Yet funded accounts increased 12% to 4.02 million, assets under administration rose 15% to $17.0 billion, and cash plus short-term investments stood at $1.3 billion. The paradox is hard to miss: crypto remains strategically central while no longer carrying the whole quarter. eToro is trying to prove that the next cycle can be monetized through AI tools, global products and on-chain services durably.
