Shares of eToro (ETOR) rose 14% on Tuesday after the company reported its strongest quarter of 2025, defying a broader downturn in crypto trading that has weighed on competitors like Robinhood (HOOD) and Coinbase (COIN).
The Israel-based stock and crypto trading platform posted fourth-quarter revenue of $227 million, up 6% from the third quarter, and a record net profit of $69 million. Full-year revenue for 2025 rose to $868 million, a 10% increase from $788 million the year prior, according to the company's earnings report.
That performance stands in sharp contrast to rival platforms. Both Robinhood and Coinbase posted weaker-than-expected fourth-quarter results, dragged down by a slump in trading activity as crypto prices fell and volatility cooled.
While eToro's revenue from crypto assets dropped to $3.59 billion in the fourth quarter, down from $5.8 billion in the same period the year before, the company made up the shortfall through increased revenue from equities and commodities.
Speaking on a call with analysts, CEO Yoni Assia said that some crypto-focused users had begun shifting their attention to commodities for the first time.
“I do think there's somewhat of a convergence or a shift from crypto, which now has lower volatility, to now basically gold, silver and other commodities that have higher volatility,” Assia said.
The platform now offers over 100 crypto assets to U.S. users, but Assia emphasized the company’s broader positioning in a shifting market. “We are uniquely positioned as both a natively crypto company and a global equities trading platform,” he said in a statement.
He added that eToro is preparing for a financial system that is moving increasingly on-chain, and said the company’s long history in crypto and tokenization puts it in a strong position to support that transition.
Despite the strong Q4 showing, signs of softening activity have continued into 2026. eToro reported that January trading volumes totaled 4 million trades, down 50% year-over-year for crypto. The average invested amount per trade also fell, down 34% to $182 from January 2025 levels.
Still, the company’s diversification across asset classes appears to have cushioned the blow as crypto’s downturn stretches into the new year.