Trading platform eToro said its commissions from crypto trading increased by nearly 23-fold in the second quarter, compared with the same period last year.
- Commissions from crypto trading were $264.2 million in the second quarter, compared with $11.2 million in the second quarter a year ago.
- The share that crypto represented of total trading commissions increased to 73% this past quarter, compared with just 7% during the same period last year. XRP brought in the most commissions out of any crypto assets, while bitcoin had the most trading volume.
- The company’s total trading commissions were $362 million, and net trading income was $290 million. The company, however, posted a net loss of $89 million because of a non-cash charge of $71 million in stock-based compensation for eToro employees and a $36 million transaction cost related to its future merger with special purpose acquisition company (SPAC) FinTech Acquisition Corp. V.
- In May, eToro announced that it plans to go public via the merger, which values the combined company at $10.4 billion.
- The company added 2.6 million new clients in the second quarter, a 121% increase from the same period last year but 500,000 fewer than what it added in the first quarter. The company had 23.2 million total users as of June 30.
Read more: How eToro Got Ready to Go Public