As Coinbase Disappoints, eToro Jumps 20% on Crypto Revenue

Tuesday February 17, 2026, eToro (ETOR) action ended up around 20%, driven by better-than-expected quarterly results and by the still central weight of crypto in its model. Even in a less euphoric market than in 2024, Wall Street liked the message: eToro is making money, and the platform remains a crossroads between crypto and traditional finance.

A stock market jump that tells a simple story

eToro reported adjusted earnings per share of $0.71, above analyst estimates. The market loves this kind of surprise, especially when “crypto stocks” are considered cyclically sensitive. Behind it, you have to read the numbers with the right pair of glasses.

In IFRS, eToro displays very high “gross” amounts on crypto, but with a cost that almost cancels out the effect. Result: operational performance is read more through indicators such as net contribution, which the company highlights.

What I especially liked was the feeling of solidity. The markets didn't just buy a quarter. They bought into the idea that eToro knows how to “monetize the flow”, even when crypto volumes become more erratic.

Crypto remains the driving force, even when it makes noise in the accounts

eToro assumes a trajectory: positioning itself for finance “increasingly oriented towards blockchain”, in the words of its CEO Yoni Assia. In other words, crypto is not an ancillary product. It’s a pillar of storytelling, branding, and revenue.

In the fourth quarter, the company highlights a strong contribution from the crypto activity in its declared revenues, even if the IFRS presentation makes reading less intuitive for the general public. This is the usual paradox of platforms that “process” assets: the raw lines impress, then the real margin is hidden elsewhere.

And yet, the signal is not fragile. For the year 2025, eToro announces a net contribution of $868 millionup around 10% year-on-year. The market has understood one thing: crypto may be slowing down, but eToro seeks to turn that volatility into retention and diversification.

“Crypto” clients sliding towards gold: trivial detail or real pivot?

Perhaps the most interesting part comes from the investor conference. Assia explains that she sees crypto clients starting to trade commodities. It's an unusual image: the memecoin trader who discovers gold, not out of financial literacy, but out of a volatility reflex.

Reuters also notes that activity was supported by strength in several asset classeswith a notable focus on commodities. eToro even launched 24/7 trading on gold, its first continuous “non-crypto”. It's not a gimmick. It is a marker of convergence between the expectations of crypto customers (always open) and more traditional markets (normally hourly).

But there is a second level of reading. In January, eToro indicated a decline in crypto trades (in volume) compared to last year, while the total number of transactions increased. The implicit message is almost psychological: less crypto frenzy, more “wallet” gestures. And for Wall Street, it is often more reassuring.

Why Wall Street follows, despite less flamboyant crypto

The comparison with Coinbase and Robinhood circulated in the coverage of the file: eToro appears as a “crypto” value that does not depend on a single tap. When crypto sneezes, the platform can still breathe via stocks, currencies, commodities.

Basic metrics support this idea. Assets under administration increased year-on-year (around $18.5 billion), and funded accounts continued to increase. It's not glamorous, but it's what institutional investors like to follow: inertia.

Finally, eToro is no longer a private promise, it is a listed company. It completed its IPO on May 14, 2025 on the Nasdaq. Since then, each quarter has served as a vote of confidence. This time, the vote is clear: the market sees eToro as a credible gateway to finance where crypto does not disappear, it mixes.