eToro’s number of funded accounts rose 18% year over year at the end of September, while the number of crypto transactions on the platform fell 62% in October compared with the same month last year.
According to company data reported by The Block, 2 million crypto transactions were made on eToro in October. The average amount invested per transaction also fell 29% year over year to $228. The total number of transactions across the platform, including stocks, commodities, and currencies, declined 22% to 48.2 million.
At the end of September, the number of funded accounts reached 4.39 million, while the value of assets managed by the platform was unchanged year over year at $20.8 billion.
Weak crypto transactions weighed on eToro’s balance sheet
The company’s third-quarter net income fell 74% year over year to $15 million. eToro said declining crypto transactions were the main factor behind its net contribution falling from $215 million to $186 million. Revenue from crypto assets fell from $3.97 billion to $1.35 billion, while related costs declined from $3.89 billion to $1.29 billion.
eToro’s board also approved share repurchases of up to $250 million. The purchases will depend on market conditions and the company’s cash needs.
Not investment advice.