eToro Q1 Net Income Rises 37% to $82M as Commodities Surge

eToro reported first-quarter net income of $82 million, a 37% increase from the same period a year earlier, the company announced Tuesday. A nearly fourfold rise in commodities trading helped offset weaker activity in the firm’s crypto business.

Adjusted EBITDA climbed 35% to $109 million, up from $80 million a year earlier, and net contribution rose 19% to $258 million. Commodities accounted for roughly 60% of trading commissions during the quarter.

Crypto trading volumes fell to two million trades in the quarter, down 32% year-over-year, and the invested amount per crypto trade declined 22% to $207. Commodity volumes increased almost fourfold compared with the prior year.

Funded accounts grew 12% to 4.02 million and assets under administration reached $17 billion as of March 31, up 15% year-over-year. The company held $1.3 billion in cash, cash equivalents and short-term investments at quarter end. In April, assets under administration rose to $18.7 billion and total money transfers for the month were $1.4 billion, up 53% year-over-year.

On the product and corporate side, eToro review lists expanded equities offering by adding Japanese stocks to bring exchange coverage to 26, activated a BitLicense to enable crypto trading in New York and closed the acquisition of self-custodial wallet provider Zengo on April 30. In a statement, CEO Yoni Assia wrote “advances eToro’s strategy of bridging traditional finance with on-chain infrastructure.” The company also launched an AI-powered Agent Portfolios product and integrated Grok 4.2-powered market sentiment into Tori, its AI investing agent.

Market activity for crypto assets cooled in the quarter. Overall crypto market capitalization and trading volume were down more than 20% quarter-over-quarter. Another large U.S. crypto exchange reported a Q1 net loss of $394.1 million and revenue of $1.41 billion, with transaction revenue falling about 40% and subscription and services revenue declining about 13.5% year-over-year.