EToro Crosses 200 Crypto Mark Despite Push to Cut Reliance on Digital Assets

Why It Matters

eToro’s expanded token list aims to retain crypto users while the firm pivots toward higher‑margin traditional assets, a shift critical for sustaining profitability after crypto’s revenue contribution proved thin. Investors watch this diversification as a barometer for the platform’s long‑term growth amid volatile digital‑asset markets.

Key Takeaways

• eToro adds 19 new cryptoassets, surpassing 200 tokens total
• Crypto gross revenue $12.9B but net contribution only $77.4M Q3 2025
• Crypto trading volume fell 36% YoY in Feb 2026
• Shares down ~50% from $67 IPO price despite $868M net contribution
• Platform expands into stocks, ETFs, neo‑banking to diversify revenue

Pulse Analysis

eToro’s latest rollout adds 19 tokens—including DoubleZero, Avantis and Illuvium—to a catalog that now exceeds 200 cryptoassets. The Israeli‑born broker, which went public on Nasdaq in May 2025, frames the expansion as a way to deepen retail exposure within its multi‑asset platform that already hosts thousands of stocks, ETFs, indices and commodities. While the new listings broaden choice for the 40 million registered users, they arrive at a time when crypto trading activity on the platform has contracted sharply, with February 2026 volumes down 36% year‑over‑year.

The financial impact of eToro’s crypto business is stark. Under IFRS 15 the firm records gross crypto revenue of roughly $12.9 billion for 2025, but the corresponding acquisition costs erase most of that value, leaving a net contribution of just $77 million in the third quarter—a margin of barely 2% of gross crypto sales. Crypto therefore supplied only about 29% of the company’s total $868 million net contribution for the year. This thin economics has weighed on investor sentiment, pushing the stock roughly 50% below its $67 IPO price despite record‑high revenues.

To offset the volatility of digital‑asset fees, eToro is accelerating its push into traditional financial products. Recent initiatives include the launch of hundreds of UCITS‑compliant ETFs, neo‑banking features and exploratory partnerships in prediction markets. By offering cash‑back stock rewards for crypto conversions and expanding custodial and non‑custodial wallet options, the broker hopes to cross‑sell higher‑margin services to its existing user base. If the diversification succeeds, eToro could stabilize earnings and restore confidence, but the transition will require convincing retail traders that the platform’s value now lies beyond the crypto hype.