eToro to Acquire TradeZero as Crypto Revenue Drops 30%

eToro is expanding its presence in the US market through an acquisition. The company plans to buy TradeZero, a US online brokerage, as part of its broader strategy to become a multi-asset platform. Closing for the deal is expected in the first half of 2026.

The announcement comes amidst a decline in eToro's crypto revenue. In Q2, the company reported $1.59 billion in total revenue, with crypto assets contributing $1.34 billion, down around 30% from $1.9 billion in the prior-year comparable quarter.

eToro also highlighted user behavior that could support its multi-asset thesis. The company said that more than 60% of users who traded commodities during Q4 2025 to Q1 2026 later traded equities in Q2 2026, and nearly nine in ten of those users have also traded crypto on eToro.

TradeZero reportedly generated about $80 million in revenue over the last 12 months ended June 30, with 81% gross margins. eToro expects the acquisition to be accretive to adjusted earnings per share in the first year after closing.