eToro’s Q2 growth puts its crypto and brokerage bets in one test
The trading platform reported $229 million of net contribution and 4.28 million funded accounts as it added TradeZero to a product stack that still shows a split between overall growth and crypto activity.
eToro reported $229 million of net contribution in the second quarter, up 9% from a year earlier, while funded accounts rose 18% to 4.28 million. The company’s Aug. 11 investor-relations release also disclosed an agreement to acquire TradeZero, a U.S.-focused online brokerage for active traders. The figures describe a larger platform; they do not, on their own, show how much of that growth came from crypto.
That distinction matters because eToro uses net contribution as a management performance measure rather than a synonym for GAAP revenue. Funded accounts are also a funnel metric: eToro defines them as users who completed onboarding, deposited funds, made at least one trade and maintained a positive balance. They indicate an activated relationship, not a count of active crypto traders or the amount each account generates.
The crypto line is not the whole platform
The first-quarter baseline was $258 million of net contribution, $82 million of net income and 4.02 million funded accounts. eToro’s May monthly release adds a more specific crypto signal: 2.2 million cryptoasset trades, down 31% year over year, and $203 invested per crypto trade, down 28%. At the same time, assets under administration reached $20.1 billion and total money transfers doubled to $1.6 billion. A strong overall account number can therefore coexist with weaker crypto trading intensity.
The company has been widening the crypto perimeter. It announced an agreement to acquire self-custody wallet provider Zengo in April, and its first-quarter materials described crypto trading in New York alongside new AI and 24/7 trading products. Those moves make crypto a strategic capability inside a multi-asset business, not a clean proxy for the quarter’s headline growth.
TradeZero adds another integration test
TradeZero changes the U.S. expansion question from product launch to integration. The announcement identifies the target as an online brokerage serving active traders, but the public release does not turn the transaction into current eToro revenue, crypto adoption or a completed operating combination. The next evidence is the deal’s terms, closing conditions, regulatory path and the point at which TradeZero activity appears in reported metrics.
For the crypto business, the useful follow-up is narrower than the company’s total user count: crypto trade volume, wallet activity, revenue mix, custody economics and the contribution from Zengo. eToro has shown that it can add users while expanding across asset classes. The harder test is whether the new pieces deepen crypto engagement without making the platform’s performance harder to read.
