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.
Source: Coindesk
