EToro's Q1 2026 income rose 37% to $82 million, the company reported Wednesday. Commodities trading exploded – up four times from a year earlier – while crypto trading on the platform fell 32% year-over-year. The divergence shows how quickly retail trading appetites can shift when macro conditions change.
Commodities trading drives the quarter
The fourfold increase in commodities volume was the main engine behind the income surge. EToro didn't break out which commodities – oil, gold, or agricultural contracts – drove the most activity. But the spike aligns with a broader rotation into hard assets as inflation concerns persist and central banks remain cautious on rate cuts.
Crypto volumes keep sliding
Digital asset trading on EToro has now posted a year-over-year decline for several quarters. The 32% drop in Q1 2026 follows a similar slide in the second half of 2025. The platform still supports dozens of tokens, but user engagement has clearly shifted. EToro hasn't said whether it plans to delist any assets or adjust its crypto fee structure.
A tale of two asset classes
The numbers paint a stark picture: commodities income surged while crypto faltered. EToro's overall income still grew 37%, so the commodities boom more than made up for the crypto slowdown. But the trend raises questions about the long-term appetite for crypto trading on multi-asset platforms. If commodities continue to outperform, EToro may lean further into that side of the business.
EToro hasn't commented on whether it will change its crypto product lineup. Its next quarterly report, due in August, will show whether the commodities rally has staying power – or if crypto volumes bounce back.
