According to the results of the second quarter of 2021, the eToro investment platform earned more than $ 264 million in commissions from cryptocurrency trading. That is evidenced by the data published on August 25, the report for investors.
In the six months that ended June 30, the platform generated $ 362 million in commission income, up 121% from the same period in 2020. 73% of this amount came from digital asset trading fees. For comparison: at the end of the second quarter of 2021, the value did not exceed 7%.
Statistics for the major digital assets traded on eToro indicate that the popularity of altcoins has fueled the skyrocketing earnings. At the end of the quarter, Bitcoin accounted for only 20% of the trading volume and 7% of the fees.
For comparison: the share of commissions from trading Cardano (ADA) was 15%, Ethereum - 14%, Dogecoin (DOGE) - 11%. Assets that eToro flagged as “others” accounted for 37% of cryptocurrency fees.
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As of June 30, 2021, the value of assets under the company's management, including digital ones, was estimated at $ 9.4 billion. The lion's share of cryptocurrencies in the accounts of platform users fell on Cardano (23%) and Bitcoin (22%).
The number of transactions on the platform increased to 127 million, and the number of registered users reached 23.2 million - of which 2.6 million joined the platform between April and June. At the same time, the balances of 2 million accounts are positive.
Despite the growth, eToro posted a negative net income of $ 89 million. The company attributed this result to the $ 71 million share compensation and transaction costs associated with the upcoming SPAC merger of $ 36 million.