eToro Q1 Crypto Revenue Falls to $2.15B; Commodities Rise

eToro reported Q1 2026 crypto revenue of $2.15 billion, down from $3.5 billion in Q1 2025. Total crypto trades fell about 32% year-over-year. The Israeli trading platform published the financial statement on Tuesday and reported that commodities trading made up 60% of trading commissions as volumes rose fourfold.

Balance-sheet crypto holdings decreased to $60.5 million from $62.6 million at year-end 2025. Cost of revenue from cryptoassets fell to $2.1 billion from $3.5 billion. Funded accounts rose 12% to more than 4 million and assets under administration increased 15% to $17 billion. Adjusted EBITDA was $109 million, up 35% year-over-year, and net income was $82 million, up 37%. Basic net income per share increased to $0.98 from $0.79.

During the quarter eToro completed a $70 million acquisition of self-custodial wallet provider Zengo and expanded crypto trading in New York after receiving a BitLicense three years earlier. The firm also introduced 24/7 trading for select commodities, equities and indices.

eToro CEO Yoni Assia described the Zengo acquisition as advancing the company's efforts to connect traditional finance with on-chain infrastructure, prediction markets and perpetuals. He added the firm plans to increase investment in on-chain technologies and AI tools to change how retail investors interact with markets.

Meron Shani, eToro's chief financial officer, noted that the first-quarter results reflected the firm's multi-asset model and pointed to diversified revenue streams, funded account growth and higher customer engagement as drivers of the quarter's financial performance.

The company attributed weaker crypto trading to a broader slowdown in the crypto sector while noting growth in commodities and other asset classes.