eToro Reports Strong Q1 Profit Growth Despite Crypto Trading Slump
eToro reported strong Q1 profit growth despite a downturn in cryptocurrency trading. Net income rose 37% year-over-year to $82 million, driven largely by a nearly 400% surge in commodities trading volume, which accounted for about 60% of trading commissions. Key metrics also showed growth: net contribution increased 19% to $258 million, adjusted EBITDA grew 35% to $109 million, and assets under management climbed 15% to $17 billion.
While commodities thrived, crypto activity declined. The number of crypto trades fell 32% year-over-year in April, with the average investment per trade dropping 22%. To bolster its offerings, eToro launched an AI-powered "Agent Portfolios" feature and enhanced its AI agent, Tori, with Grok 4.2 market sentiment analysis. The company also expanded by activating its BitLicense for New York crypto trading, adding Japanese equities, and finalizing the acquisition of self-custody wallet provider Zengo. By late April, total assets under management had risen further to $18.7 billion.
TheNewsCrypto05/13 12:21
