eToro said
the value of customer assets on its platform reached $20.1 billion in May, up
18% from a year earlier, as heavy stock and commodities trading offset another
drop in crypto activity.
The
preliminary figures also showed the trading app leaning on two recent
acquisitions to lift its headline account growth.
The monthly
snapshot extends a pattern that has run through eToro’s data all year, with
traditional markets activity rising while digital assets fade.
Capital
markets trades, a bucket covering stocks, commodities and currencies, rose 59%
from May 2025 to 64 million.
Crypto
trades fell 31% to 2.2 million over the same stretch, deepening a pivot from crypto toward traditional
markets that the
Nasdaq-listed broker has reported since the start of 2026.
Smaller Trades Power the
Volume Surge
The jump in
trade counts came with a catch. The average amount invested per capital markets
trade fell 36% to $201, while the figure for crypto dropped 28% to $203.
eToro’s users, in short, are placing far more orders, but each one is much
smaller than it was a year ago.
The company
has tied that compression to a growing share of copy trading and automated
activity, which spreads money across many small positions.
It made the
same point about its first-quarter results, when capital markets trades
climbed 90% and the per-trade figure fell sharply. The shift has also colored
how investors read the data, with trade sizes roughly halving over recent quarters.
|
eToro metrics (May) |
2025 |
2026 |
YoY |
|
Capital markets trades (M) |
40.3 |
64.0 |
+59% |
|
Invested |
$313 |
$201 |
-36% |
|
Crypto trades (M) |
3.2 |
2.2 |
-31% |
|
Invested per trade, crypto |
$282 |
$203 |
-28% |
|
Interest earning assets ($B) |
6.3 |
7.2 |
+14% |
|
Total money transfers ($B) |
0.8 |
1.6 |
+100% |
|
Assets under administration ($B) |
17.0 |
20.1 |
+18% |
|
Funded accounts (M) |
3.61 |
4.23 |
+17% |
Source:
eToro Group, preliminary May 2026 metrics. Figures rounded; percentages based
on unrounded numbers.
Account Growth Leans on
Acquisitions
eToro
reported 4.23 million funded accounts at the end of May, up 17% from 3.61
million a year earlier. Buried in a footnote, though, is that 110,000 of those
accounts came from its purchases of Zengo and Bit2C, two Israeli crypto
businesses.
Strip out
the acquired users and the base sits closer to 4.12 million. The deals
therefore account for roughly a fifth of the year-over-year increase in funded
accounts, leaving organic onboarding more modest than the headline rate
implies.
eToro
defines funded accounts as users who have deposited money and placed at least
one trade, but for the Zengo and Bit2C customers it counts anyone with a
positive balance.
The Zengo deal, which closed at the end of April,
handed eToro a self-custodial wallet it has linked to prediction markets and
other decentralized products.
Crypto Trading Fades
Across Retail Platforms
eToro is
not alone in watching crypto volumes cool. The slide has shown up across the
multi-asset retail brokers that rode the digital asset boom, even as several of
them keep expanding their crypto lineups.
Robinhood
Markets, the US trading app eToro is most often measured against, reported that
its crypto revenue fell 47% to $134 million in the first quarter, with the gap
covered by event contracts and options.
Interactive
Brokers, meanwhile, posted 31% account growth even as trading activity eased
after a busy March. The common thread is that volatility in commodities and
equities is propping up revenue while crypto lines compress.
Deposits Double as
Interest Assets Build
Money
moving through the platform picked up sharply. Total money transfers, which
track deposits, withdrawals and currency funding through the eToro Money
account, doubled from a year earlier to $1.6 billion.
Interest
earning assets, the balances eToro can earn a yield on, rose 14% to $7.2
billion. Those balances have become a bigger part of the business as the broker
pushes subscriptions and cash features, echoing the recurring-revenue model it borrowed from Robinhood with its Platinum tiers.
eToro said
the value of customer assets on its platform reached $20.1 billion in May, up
18% from a year earlier, as heavy stock and commodities trading offset another
drop in crypto activity.
The
preliminary figures also showed the trading app leaning on two recent
acquisitions to lift its headline account growth.
The monthly
snapshot extends a pattern that has run through eToro’s data all year, with
traditional markets activity rising while digital assets fade.
Capital
markets trades, a bucket covering stocks, commodities and currencies, rose 59%
from May 2025 to 64 million.
Crypto
trades fell 31% to 2.2 million over the same stretch, deepening a pivot from crypto toward traditional
markets that the
Nasdaq-listed broker has reported since the start of 2026.
Smaller Trades Power the
Volume Surge
The jump in
trade counts came with a catch. The average amount invested per capital markets
trade fell 36% to $201, while the figure for crypto dropped 28% to $203.
eToro’s users, in short, are placing far more orders, but each one is much
smaller than it was a year ago.
The company
has tied that compression to a growing share of copy trading and automated
activity, which spreads money across many small positions.
It made the
same point about its first-quarter results, when capital markets trades
climbed 90% and the per-trade figure fell sharply. The shift has also colored
how investors read the data, with trade sizes roughly halving over recent quarters.
|
eToro metrics (May) |
2025 |
2026 |
YoY |
|
Capital markets trades (M) |
40.3 |
64.0 |
+59% |
|
Invested |
$313 |
$201 |
-36% |
|
Crypto trades (M) |
3.2 |
2.2 |
-31% |
|
Invested per trade, crypto |
$282 |
$203 |
-28% |
|
Interest earning assets ($B) |
6.3 |
7.2 |
+14% |
|
Total money transfers ($B) |
0.8 |
1.6 |
+100% |
|
Assets under administration ($B) |
17.0 |
20.1 |
+18% |
|
Funded accounts (M) |
3.61 |
4.23 |
+17% |
Source:
eToro Group, preliminary May 2026 metrics. Figures rounded; percentages based
on unrounded numbers.
Account Growth Leans on
Acquisitions
eToro
reported 4.23 million funded accounts at the end of May, up 17% from 3.61
million a year earlier. Buried in a footnote, though, is that 110,000 of those
accounts came from its purchases of Zengo and Bit2C, two Israeli crypto
businesses.
Strip out
the acquired users and the base sits closer to 4.12 million. The deals
therefore account for roughly a fifth of the year-over-year increase in funded
accounts, leaving organic onboarding more modest than the headline rate
implies.
eToro
defines funded accounts as users who have deposited money and placed at least
one trade, but for the Zengo and Bit2C customers it counts anyone with a
positive balance.
The Zengo deal, which closed at the end of April,
handed eToro a self-custodial wallet it has linked to prediction markets and
other decentralized products.
Crypto Trading Fades
Across Retail Platforms
eToro is
not alone in watching crypto volumes cool. The slide has shown up across the
multi-asset retail brokers that rode the digital asset boom, even as several of
them keep expanding their crypto lineups.
Robinhood
Markets, the US trading app eToro is most often measured against, reported that
its crypto revenue fell 47% to $134 million in the first quarter, with the gap
covered by event contracts and options.
Interactive
Brokers, meanwhile, posted 31% account growth even as trading activity eased
after a busy March. The common thread is that volatility in commodities and
equities is propping up revenue while crypto lines compress.
Deposits Double as
Interest Assets Build
Money
moving through the platform picked up sharply. Total money transfers, which
track deposits, withdrawals and currency funding through the eToro Money
account, doubled from a year earlier to $1.6 billion.
Interest
earning assets, the balances eToro can earn a yield on, rose 14% to $7.2
billion. Those balances have become a bigger part of the business as the broker
pushes subscriptions and cash features, echoing the recurring-revenue model it borrowed from Robinhood with its Platinum tiers.
