eToro reported that customer assets on its platform reached $20.1 billion in May, up 18% from a year earlier. The growth was driven by heavy stock and commodities trading, which offset another drop in crypto activity. The preliminary figures also showed the trading app leaning on two recent acquisitions to boost its headline account growth.
The monthly snapshot extends a pattern seen throughout eToro’s data this year. Traditional markets activity is rising while digital assets fade. Capital markets trades, covering stocks, commodities, and currencies, rose 59% from May 2025 to 64 million. Crypto trades fell 31% to 2.2 million over the same period.
Smaller Trades Power the Volume Surge
The jump in trade counts came with a catch. The average amount invested per capital markets trade fell 36% to $201. The figure for crypto dropped 28% to $203. eToro’s users are placing far more orders, but each one is much smaller than a year ago.
The company has tied that compression to a growing share of copy trading and automated activity. These methods spread money across many small positions. eToro made the same point about its first-quarter results, when capital markets trades climbed 90% and the per-trade figure fell sharply. Trade sizes have roughly halved over recent quarters.
Account Growth Leans on Acquisitions
eToro reported 4.23 million funded accounts at the end of May, up 17% from 3.61 million a year earlier. However, 110,000 of those accounts came from its purchases of Zengo and Bit2C, two Israeli crypto businesses. Strip out the acquired users and the base sits closer to 4.12 million.
The deals therefore account for roughly a fifth of the year-over-year increase in funded accounts. Organic onboarding is more modest than the headline rate implies. eToro defines funded accounts as users who have deposited money and placed at least one trade. For the Zengo and Bit2C customers, it counts anyone with a positive balance. The Zengo deal, which closed at the end of April, handed eToro a self-custodial wallet linked to prediction markets and other decentralized products.
Crypto Trading Fades Across Retail Platforms
eToro is not alone in watching crypto volumes cool. The slide has shown up across multi-asset retail brokers that rode the digital asset boom. Robinhood Markets reported that its crypto revenue fell 47% to $134 million in the first quarter. The gap was covered by event contracts and options. Interactive Brokers posted 31% account growth even as trading activity eased after a busy March. The common thread is that volatility in commodities and equities is propping up revenue while crypto lines compress.
Deposits Double as Interest Assets Build
Money moving through the platform picked up sharply. Total money transfers, which track deposits, withdrawals, and currency funding through the eToro Money account, doubled from a year earlier to $1.6 billion. Interest earning assets, the balances eToro can earn a yield on, rose 14% to $7.2 billion. Those balances have become a bigger part of the business as the broker pushes subscriptions and cash features, echoing the recurring-revenue model it borrowed from Robinhood with its Platinum tiers.
