EToro profits rise as commodities boom offsets crypto trading slump

eToro reported a strong quarter as net income rose 37% to $82 million and adjusted EBITDA climbed 35% to $109 million, driven by a surge in commodities trading that made up roughly 60% of trading commissions and saw volumes jump nearly fourfold year‑over‑year. The results offset a significant slump in crypto activity: April crypto trades fell 32% YoY and average invested amount per trade dropped 22% to $207. Funded accounts and assets under administration also expanded, supporting the firm’s cash position and growth initiatives such as the Zengo acquisition and AI product launches. The mix signals bullish pressure for commodities revenue but mixed implications for crypto markets and exchange stocks.