Tel Aviv-based trading and investment company eToro reported its crypto division experienced significant growth during the third quarter after the company added additional digital assets and staking, according to an earnings statement from Monday.
Most notably, eToro posted $3.97 billion in “cryptoassets” revenue for the third quarter, compared to $1.4 billion during the same period a year ago. Its cost of revenue on the vertical, however, came in at $3.89 billion, meaning the trading platform failed to generate much, if any, crypto-based income. The company posted a net loss of over $18 million from crypto asset derivatives trading, according to the statement.
eToro went public in May at a $4.2 billion valuation. The Nasdaq IPO raised approximately $620 million, with the company’s shares rising significantly on the first day of trading.
“The Company expanded its crypto offering with more utility, staking, and yield-generating tokens in the U.S., and advanced development of its crypto wallet,” eToro said. “In the U.S., new funded accounts year to date surpassed full-year 2024 levels, fueled by a substantial expansion of cryptoassets (from 3 to 110) and the launch of staking” for Cardano, Ethereum, and Solana.
eToro also pointed to recent growth, saying that last month, the total number of trades and invested amount traded rose 84% and 52%, respectively, year on year.
Overall, the trading platform posted a net income of $56.8 million. The company’s assets under administration, or AUA, rose to $20.5 billion in Q3, a 73% increase year-over-year.
In after-hours trading, eToro’s shares remained relatively flat at $37.81, according to Yahoo Finance.
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