eToro's crypto revenue craters 39% to $2.15B in Q1 2026 as sector-wide trading volumes cool!

eToro reported crypto asset revenue of $2.15 billion in Q1 2026, down sharply from $3.5 billion in the same quarter a year ago — a 39% year-over-year decline that signals a meaningful pullback in retail crypto trading activity on the platform.

The drop isn't isolated. Competitors Robinhood and Coinbase also posted significant revenue drawdowns in Q1, pointing to a sector-wide contraction rather than a company-specific problem. The pattern suggests the retail trading surge that defined early 2025 has faded, with lower volatility and reduced speculative appetite weighing on transaction-driven revenue models across the board.

For eToro, the timing is notable given the company has been pursuing a US IPO. A compressed revenue quarter heading into public markets adds a layer of scrutiny to its growth narrative.