eToro Crypto Revenue Falls Amid Shift Towards Multi-Asset Pivot

eToro's second-quarter crypto revenue fell by 30% to $1.35 billion, despite the company's total net revenue rising 32% to $1.31 billion.

Crypto-related transactions accounted for just 12% of Coinbase's revenue in Q2, down from more than 50% historically.

eToro is shifting its focus towards a multi-asset pivot and has agreed to buy U.S.-focused online brokerage TradeZero for up to $231 million in cash plus up to 2.5 million newly issued Class A shares.

The acquisition, which requires regulatory approvals, aims to give eToro a faster path to launching new products for US customers and strengthen its offering.