eToro Beats Q2 Estimates, Buys TradeZero for Up to $231M

eToro beat Wall Street estimates for the second quarter and said it would buy TradeZero, a U.S.-focused online brokerage. The company reported total revenue of $1.59 billion and net earnings of $53.4 million. Adjusted earnings per share came in at $0.68, above the $0.61 consensus tracked by LSEG. ETOR shares fell more than 5% in Tuesday’s premarket session on the Nasdaq.

The quarter showed mixed results across asset classes. Revenue from crypto assets reached $1.34 billion, down 30% from $1.9 billion a year earlier. Total cryptocurrency trades fell to 1.4 million in July, a 73% year-over-year drop, and the amount invested was cut in half. Net revenue from equities and commodities trading rose 24% to $141.6 million, driven by increased activity in stocks.

The acquisition of TradeZero is valued at up to $231 million, paid in a mix of cash and stock. TradeZero, founded in 2015, operates mainly in the United States with additional reach in Canada and other markets. Over the past twelve months the firm generated roughly $80 million in revenue with gross margins of 81%. eToro expects the deal to be accretive to adjusted earnings per share in the first year after closing, which it targets for the first half of 2027.

Yoni Assia, eToro’s chief executive officer, called the acquisition “an important step in building our business in the U.S.” The company launched there in 2019 and has since expanded toward Asia Pacific and the Americas while keeping its European and U.K. base. The TradeZero deal follows eToro’s purchase of self-custody wallet provider Zengo, further broadening its multi-asset platform. Chief financial officer Meron Shani noted that nearly nine out of ten users who traded commodities in prior quarters also transacted in cryptocurrencies during Q2 2026, pointing to growing diversification among the user base.