Trading platform eToro today announced the latest quarterly results for Q2 2021.

eToro's Q2 Result: According to eToro's Q2 results, the commissions from the crypto trading were at $264.2 million, compared with $11.2 million in the second quarter a year ago. This is an almost 23-fold increase from last year.

Bitcoin (CRYPTO: BTC) accounted for 7% of total crypto commissions, which is less than half the contributions of Ethereum (CRYPTO: ETH), Cardano (CRYPTO: ADA), and Ripple (CRYPTO: XRP).

It was even less than Dogecoin (CRYPTO: DOGE). The meme cryptocurrency was added to the platform in May.

"The rise in self-directed investing and eToro's growth are underpinned by long-term secular trends in investor behavior," said Yoni Assia, CEO and co-founder of eToro. 

The share that crypto represented in total trading commissions increased to 73% during the last quarter, compared with just 7% during the same period the previous year.

eToro's total trading commissions were $362 million, while net trading income accounted for $290 million. 

The company 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 merger with a special purpose acquisition company (SPAC) FinTech Acquisition Corp. V (NASDAQ:FTCV).

eToro added 2.6 million new clients in the second quarter, a 121% increase from the same period last year. It had 23.2 million total users as of June 30. 

The company's America's business, which includes the U.S. and Latin America, accounted for 12% of funded accounts at the end of Q2 2021, up from 6% at Q2 2020. The exchange started its operations in the US in 2019 and is currently limited to crypto and copy trading.

The company launched Bitcoin (CRYPTO: BTC) trading in 2013 on its platform. In 2020, 44% of assets were equities, 32% in commodities, 16% in crypto, and 8% in currencies. The average age of eToro users is 34.
Photo: Courtesy of eToro

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