Just saw eToro's earnings report come out, and the stock shot up 14% in one go—rare good news in the crypto trading platform space. Last year’s full-year revenue was $868 million, a 10% increase from the year before. At first glance, that doesn’t seem like much, but considering the entire industry is struggling, being able to grow is pretty interesting.

The key point is that their profit performance broke records, with net profit reaching $69 million in the fourth quarter. Although income from crypto assets declined significantly, from $5.8 billion down to $3.59 billion, they offset this gap through stock and commodity trading. The CEO mentioned in the conference call that some users who only traded crypto are starting to shift toward more volatile commodities like gold and silver, which is quite an interesting shift.

However, the earnings report also reveals some issues. After 2026, trading activity clearly slowed down. January’s trading volume was down 50% year-over-year, and the average investment per trade shrank by 34%. In comparison, some competitors focused solely on crypto performed even worse during this downturn. But eToro managed to hold up, thanks to its diversified asset portfolio. They’re now preparing for on-chain finance, and this long-term positioning could be their advantage.