eToro’s Crypto Trading Commissions Rocket to $264M in Q2
15 min ago•1 min read•Regulation
Trading platform eToro saw commissions from crypto trading increase by nearly 23-fold in the second quarter compared to the same period last year.
Commissions from crypto trading were $264.2 million, compared to just $11.2 million in the year-earlier period. The share that crypto represented of total trading commissions increased to 73% this past quarter compared to just 7% during the same period last year. XRP brought in the most commissions out of any crypto assets while bitcoin had the most trading volume. The company's total trading commissions were $362 million and net trading income was $290 million. Net income for the company was negative $89 million, however, due to a non-cash charge of $71 million in stock-based compensation for eToro employees and a $36 million transaction cost related to its future merger with special purpose acquisition company (SPAC) FinTech Acquisition Corp. V. eToro announced in May that it plans to go public via its merger, which values the combined company at $10.4 billion. The company added 2.6 million new clients in the second quarter, a 121% increase from this time last year but 500,000 less than what they added in the first quarter. The company now has 23.2 million total users.