eToro said Tuesday it plans to buy U.S. online brokerage TradeZero as part of its expansion in the United States.
In its second-quarter results, eToro reported $1.59 billion in revenue, down from $2.0 billion in the comparable 2025 period. Crypto-asset revenue totaled $1.34 billion, a roughly 30% decline from $1.9 billion in Q2 2025. Crypto-related cost of revenue was $1.35 billion, and crypto net income stood at $19.7 million. Overall net income for the quarter was $53.4 million.
Trading in equities and commodities generated $141 million in net income for the platform during the period.
The company has been pushing deeper into digital assets as it builds a multi-asset offering. In April, eToro announced the acquisition of self-custodial wallet provider Zengo as part of that strategy.
Meron Shani, eToro’s chief financial officer, said more than 60% of users who traded commodities in Q4 2025 through Q1 2026 went on to trade equities in Q2 2026, and nearly nine in ten of those users have also traded crypto on eToro.
Activity in the crypto market on eToro has slowed: total cryptocurrency trades on the platform fell to 1.4 million in July, a 73% year-on-year drop, while the total amount invested declined by about 50%.
TradeZero produced roughly $80 million of revenue with gross margins of about 81% in the 12 months ended June 30, 2026. eToro said it expects the TradeZero deal to be accretive to adjusted earnings per share in the first year after closing, which the company expects to complete in the first half of 2026.
Shares of Nasdaq-listed ETOR were down more than 5% in pre-market trading Tuesday, extending a decline from the prior session.
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