eToro's encryption revenue fell year-on-year in the first quarter, and industry trading activity cooled down

On May 13, the latest financial report of trading platform eToro showed that revenue from crypto assets in the first quarter of 2026 fell to US$2.15 billion, down from US$3.5 billion in the same period last year; the total number of crypto transactions on the platform fell by 32% year-on-year. Despite weakening trading activity, eToro continued to invest in the crypto business during the quarter, including the $70 million acquisition of self-managed wallet company Zengo and the launch of crypto trading services in New York. This trend is consistent with the overall performance of the industry. Robinhood's crypto revenue and trading volume fell by about 50% in the first quarter, and Coinbase also recorded a net loss of US$394 million, indicating that crypto trading platforms were generally facing market cooling pressure at the beginning of this year.