Crypto trading remained the backbone of eToro’s business in the second quarter, generating roughly 91% of the company’s total revenue, according to its latest earnings report.
That’s down slightly from the 93% share recorded in the first quarter, suggesting a modest increase in the contribution from equities and other trading segments.
For the three months ended June 30, revenue from cryptoassets totaled $1.91 billion, hit by a small net loss of $8.4 million from crypto derivatives trading.
After subtracting the $1.88 billion cost of cryptoasset revenue, digital asset trading still made up the vast majority of eToro’s $2.09 billion in total revenue, the filing shows.
In Q1, crypto-related revenue reached $3.5 billion, with an additional $77 million gain from crypto derivatives, accounting for more than 93% of the company’s $3.76 billion total revenue.
The company has been increasingly betting on crypto. Last month, it unveiled plans to tokenize U.S. stocks on the Ethereum blockchain to enhance its trading capabilities.
Etoro went public at $52 a share back in May, raising about $310 million from its Nasdaq listing. The company’s shares are now trading at $50.7, down more than 8.2% since its trading debut.
