eToro posted strong first-quarter results, reporting net income of $0.91 per diluted share, up from $0.77 in the same period a year earlier, driven primarily by a sharp increase in commodities trading activity.
The company said net income climbed 37% year over year to $82 million, compared with $60 million in the first quarter of 2025. Adjusted EBITDA rose 35% to $109 million from $80 million, while net contribution increased 19% to $258 million.
Much of the growth came from booming commodities trading volumes, which nearly quadrupled from a year earlier and accounted for around 60% of total trading commissions during the quarter.
EToro also expanded its equities offering by adding Japanese stocks, increasing the number of supported exchanges on the platform to 26. In addition, the company activated its BitLicense, enabling it to launch crypto trading services in New York.
eToro reported continued growth in user activity and assets during the quarter, with funded accounts rising 12% year over year to 4.02 million. Assets under administration also increased 15% to reach $17 billion, while the company held $1.3 billion in cash, cash equivalents, and short-term investments as of March 31.
Despite strong overall results, crypto trading activity weakened significantly. Data released for April showed crypto trading volumes fell 32% from a year earlier to 2 million trades, while the average amount invested per crypto trade declined 22% to $207.
On the product front, eToro introduced a new AI-powered Agent Portfolios feature and expanded its partnership with xAI. The collaboration integrates Grok 4.2-powered market sentiment analysis into Tori, the platform’s AI investing assistant.
eToro also completed its acquisition of Zengo on April 30, a move CEO Yoni Assia said strengthens the company’s strategy of connecting traditional finance with onchain infrastructure.
Assets under administration continued to grow in April, reaching $18.7 billion, up 19% from a year earlier. Total money transfers for the month climbed 53% year over year to $1.4 billion.
The results come as several crypto trading platforms face weaker market activity. As previously reported, Coinbase recorded a net loss of $394.1 million in the first quarter, marking its second consecutive quarterly loss after posting a $65.6 million profit a year earlier.
Coinbase reported revenue of $1.41 billion, falling short of analyst expectations of $1.5 billion, as transaction revenue dropped 40% and subscription and services revenue declined 13.5% year over year. The broader crypto market also weakened during the quarter, with both total market capitalization and trading volume falling more than 20% quarter over quarter.
