How much did eToro's Q1 2026 crypto revenue drop compared to last year?

eToro's crypto asset revenue came in at $2.15 billion in Q1 2026, down from $3.5 billion in Q1 2025 — a 38% year-on-year decline.

Is the revenue drop specific to eToro or an industry-wide trend?

The drawdown is sector-wide. Competitors Robinhood and Coinbase also reported significant Q1 declines in their crypto units, pointing to a broad cooldown in retail trading rather than a company-specific problem.

Why did retail crypto trading revenue fall in Q1 2026?

BTC and major alts traded rangebound through the quarter, which compressed fees and lowered notional volumes across every venue with retail exposure.

When did eToro go public?

eToro went public in 2024, making the Q1 2026 print one of its early post-IPO quarterly results under public scrutiny.

What will Q2 2026 tell us about the retail crypto revenue trend?

Q2 comparisons get easier from here. If BTC breaks its current range and retail engagement picks up, the year-on-year revenue declines should narrow; if the range holds, the cooldown extends.

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TheBlock

eToro Q1 Crypto Revenue Drops 38% to $2.15B as Sector Cools

The 38% year-on-year drop isn't a eToro-specific story — Robinhood and Coinbase posted similar Q1 drawdowns, signalling a sector-wide cooldown in retail crypto trading revenue.

Zipp Editorial Aggregated from TheBlock

eToro's crypto asset revenue dropped to $2.15 billion in Q1 2026, down from $3.5 billion in Q1 2025 — a 38% year-on-year decline. The retailer, which went public in 2024, did not break out the figure in granular detail in its quarterly update.

Why it matters

The drawdown isn't isolated. Competitors Robinhood and Coinbase also reported significant Q1 revenue declines in their crypto units, pointing to a sector-wide cooldown in retail trading activity rather than a company-specific problem. With BTC and major alts rangebound through the quarter, fee compression and lower notional volumes hit every venue with retail exposure.

Market impact

eToro's headline shows how the post-ETF-cycle revenue picture looks for retail-facing platforms: still profitable, still cash-flow positive, but no longer riding the 2024-2025 inflow wave. The next tell will be Q2 — if BTC breaks range and retail engagement picks up, the year-on-year comparisons get easier from here.

#eToro #Robinhood #Coinbase #CryptoRevenue

Frequently asked questions

How much did eToro's Q1 2026 crypto revenue drop compared to last year?

eToro's crypto asset revenue came in at $2.15 billion in Q1 2026, down from $3.5 billion in Q1 2025 — a 38% year-on-year decline.
Is the revenue drop specific to eToro or an industry-wide trend?

The drawdown is sector-wide. Competitors Robinhood and Coinbase also reported significant Q1 declines in their crypto units, pointing to a broad cooldown in retail trading rather than a company-specific problem.
Why did retail crypto trading revenue fall in Q1 2026?

BTC and major alts traded rangebound through the quarter, which compressed fees and lowered notional volumes across every venue with retail exposure.
When did eToro go public?

eToro went public in 2024, making the Q1 2026 print one of its early post-IPO quarterly results under public scrutiny.
What will Q2 2026 tell us about the retail crypto revenue trend?

Q2 comparisons get easier from here. If BTC breaks its current range and retail engagement picks up, the year-on-year revenue declines should narrow; if the range holds, the cooldown extends.

Source attribution

Aggregated from TheBlock · Verified · Last refreshed 45d ago

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