eToro has announced robust financial results for the first quarter, driven by significant growth in user engagement and an expanded suite of products, including new cryptocurrency offerings.
The platform reported an 8% year-over-year increase in net contribution, reaching $217 million. Net income stood at $60 million, with adjusted EBITDA reaching $80 million.
Key drivers included the addition of 40 new crypto assets, extended trading hours, and the launch of futures and options trading in Europe and the UK. These enhancements contributed to a 14% rise in funded accounts, totaling 3.58 million, and a 21% increase in assets under administration, reaching $14.8 billion.
Further expanding its services, eToro integrated Australian fintech Spaceship into its wealth management offerings and enhanced its UK ISA product. Its neo-banking segment introduced crypto-to-fiat transfers and virtual local bank accounts.
CEO Yoni Assia emphasized the platform’s momentum, noting that assets under administration grew to $16.9 billion and funded accounts reached 3.61 million by May.
The company successfully completed an initial public offering (IPO) in May, raising $620 million and achieving a valuation exceeding $5.6 billion. This capital injection is earmarked to fuel future innovation and expansion initiatives.