eToro Acquires TradeZero as Crypto Revenue Falls 30%

eToro, a popular online brokerage and trading platform, announced that it has agreed to acquire US-focused online brokerage TradeZero for up to $231 million in cash plus up to 2.5 million newly issued Class A shares.

The acquisition is part of eToro's expansion plans into the US market, where crypto revenue has been declining. In its second quarter update, eToro reported a 30% fall in crypto revenue to $1.35 billion.

eToro's own framing tied the move to its US expansion, with co-founder and Chief Executive Yoni Assia saying, 'This combination gives us a faster path to launching new products for US customers and strengthens our offering.'