eToro Group, the Nasdaq-listed retail broker, reported first-quarter 2026 results on May 12 showing a sharp drop in crypto trading activity alongside a record overall profit. Crypto asset revenue came in at $2.15 billion, down from $3.5 billion in the same quarter a year earlier, even as total company revenue rose 14% to $258 million and net income hit a record $82 million.
The same release confirmed the broker is leaning further into crypto-native infrastructure through the Zengo wallet acquisition, while commodities have quietly become the bigger commission engine.
Crypto Revenue Down, Crypto Footprint Up
The headline crypto number for the quarter looks ugly on its own. Crypto asset revenue of $2.15 billion is roughly 39% below the $3.5 billion eToro booked in Q1 2025, and cost of revenue from crypto assets fell in lockstep to about $2.1 billion. That maps to far less retail churn through the platform's crypto markets compared with the post-election surge a year ago.
The footprint, though, is not shrinking. During the quarter eToro turned on round-the-clock trading, added crypto access for New York residents after a long regulatory wait, and bought self-custody wallet provider Zengo to plug into on-chain rails. The company is treating Q1 as a soft cyclical quarter for the asset class, not as a strategic exit. As of May 13, 2026, bitcoin is trading at $81,080 and ether at $2,314 with a Fear and Greed reading of 51, which is the kind of "neutral" tape that historically dampens retail activity rather than reversing it.
Commodities Quietly Took the Wheel
The more interesting line in the print is non-crypto. Commodities now account for roughly 60% of eToro's trading commissions, with volumes up 4x year over year. That is a structural reshuffle, not a one-quarter quirk. For most of the last cycle, eToro's earnings narrative was a crypto-beta story, where its profit profile rose and fell with bitcoin volumes. Q1 2026 breaks that pattern.
The Q1 2025 to Q1 2026 swing tells the story plainly:
- Crypto revenue: $3.5B then, $2.15B now.
- Commodities share of commissions: minority of mix then, 60% now.
- Total revenue: up 14% to $258M despite the crypto drag.
- Net income: a record $82M, up 37% year over year.
- Adjusted EBITDA: $109M, up 35%.
- Earnings per share: $0.91 against a $0.73 analyst consensus.
A broker that hit a record profit while its biggest historical category contracted by more than a billion dollars in revenue is no longer a pure-play crypto vehicle.
The Public Crypto Earnings Picture
eToro's quarter slots into a wider pattern across Q1 2026 disclosures from listed crypto and crypto-adjacent companies. CleanSpark booked a $378 million net loss for fiscal Q2 2026. Exodus posted a $32 million Q1 loss and sold 1,000 BTC to fund acquisitions. Trump Media reported a $405.9 million net loss tied largely to crypto holdings. Against that backdrop, eToro is one of the few public names that managed to grow profit through a soft crypto tape, mostly because retail commodities flow filled the gap.
That divergence matters for anyone using crypto-platform stocks as a proxy for spot volume. Companies with diversified commission engines, like eToro on the commodities side or banks on the rates side, can post record profit even when on-chain activity cools. Pure-play miners and self-custody-only platforms cannot.
Read-Across for Crypto Users
For anyone who routes spending or savings through retail crypto platforms, the practical takeaways are narrow but real. First, eToro is doubling down on on-chain custody through Zengo, which fits the broader move toward giving retail users self-custody options instead of leaving balances on broker books. Second, 24/7 trading and New York crypto access widen the funnel for US users who previously had to bridge to a separate venue.
None of this is directly a card or spending story. It does, however, anchor a real number into the May 2026 ecosystem map: retail crypto volumes at one of the largest listed brokers are running roughly 39% below the post-election quarter, even with broader product expansion. That is useful context when reading any "retail is back" claim over the next few weeks.
Overview
eToro's Q1 2026 crypto revenue fell to $2.15 billion from $3.5 billion a year earlier, a sign that retail crypto volumes have meaningfully cooled. The broader business posted record results, with net income at $82 million, EBITDA at $109 million, and EPS of $0.91 versus a $0.73 consensus, because commodities trading 4x'd year over year and now drives 60% of commissions. The Zengo acquisition, 24/7 trading, and New York crypto rollout indicate eToro still views crypto as core, even as the revenue mix tilts elsewhere.
