The cost of crypto revenue reaches $12.9 billion, nearly erasing segment margins.
eToro investors pushed the trading platform’s stock up 19% on Tuesday after the company reported stronger-than-expected quarterly results. Shares traded at $32.58 as of 9:49 a.m. ET, according to Yahoo Finance, reflecting broad market approval of numbers that told two very different stories at once.
Net income for the fourth quarter of 2025 reached $69 million, a 16% increase year over year. At the same time, cryptoasset revenue dropped to $3.6 billion from $5.8 billion during the same period in 2024. The gap between those two figures deserves attention: eToro managed to grow its bottom line even as its largest revenue category contracted sharply.
The clearest explanation for that profit growth sits in the derivatives column. eToro posted net trading income from crypto derivatives of nearly $74 million in Q4 2025, compared to a $130 million loss during the same quarter the prior year. A swing of more than $200 million in a single line item explains much of the quarterly performance.
Bitcoin and Ethereum prices fell considerably in November before stabilizing somewhat in December, and eToro’s revenue figures moved accordingly. For the full year of 2025, the platform registered roughly $13 billion in crypto-related revenue, though its cost of revenue from cryptoassets came in at $12.9 billion — nearly erasing the margin on that segment entirely.
eToro went public on Nasdaq last May at a valuation above $4 billion, raising approximately $620 million in the process. Since then, the Tel Aviv-based company has positioned itself at the intersection of crypto and traditional finance, giving customers access to more than 150 digital assets. For the current quarter, the platform plans to introduce 24/7 access to select popular assets, with an expansion across additional asset classes to follow.
The company frames its next phase around on-chain infrastructure and artificial intelligence, arguing both forces are reshaping how retail and institutional investors interact with markets — and that eToro’s early crypto presence puts it ahead of platforms still catching up.
