Crypto Revenue Plunges Across Major Platforms Amid Market Weakness

The second quarter saw a decline in crypto revenue for major trading platforms eToro, Robinhood, and Coinbase. eToro's cryptoasset revenue fell 30% year-on-year to $1.35 billion, while its net contribution from crypto dropped to about $12.5 million.

Robinhood's cryptocurrency transaction revenue declined 38% to $100 million, despite total net revenue rising 32% to $1.31 billion. Coinbase reported $1.2 billion in total revenue and a $359 million net loss, with Bitcoin-related transactions accounting for only 12% of revenue.

The declines coincided with a 12.6% fall in total crypto market capitalisation and a 27.9% drop in centralised exchange spot volume during the quarter.

eToro agreed to acquire US brokerage TradeZero for up to $231 million as it expands further into equities and active trading. The deal includes cash and up to 2.5 million newly issued Class A shares. TradeZero generated about $80 million in revenue in the 12 months to June, with an 81% gross margin.

Swissquote ended the first half with client assets of CHF 96.3 billion, up 19.8% year-on-year and close to the CHF 100 billion threshold. Client accounts rose 5.5% to 1.22 million, while net new money reached CHF 5.1 billion.

Plus500 announced $182.5 million in dividends and share buybacks, exceeding its $151.9 million first-half net profit. The company expects its US futures and prediction markets business to achieve a profit margin of 20% or more.