Every Zipp story tagged #CryptoRevenue, newest first.
The headline number buries the real story: a record quarter was saved by an options-trading surge while the $20B Bitstamp acquisition turned into the drag Wall Street had been bracing for.
Event contracts pulled $156M versus $100M from crypto trading, a 38% YoY slide in token revenue, while overall net income climbed 48% to $573M.
Earnings beat and a record $1.31B quarter were not enough to offset a 38% year-over-year drop in crypto trading revenue, setting a cautious tone for Coinbase's report Thursday.
Crypto revenue fell to $134M from $252M year-over-year — and the COO exit signals the structural challenge: a retail platform trying to decouple its earnings from the trading cycle that built it.
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.
The topline beat comes with a split underneath: transaction revenue grew on options and equities, while crypto trading revenue fell 47% to $134M as $BTC volumes normalized off the 2025 cycle peak.
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