Wall Street had eToro pegged as a crypto story. Q1 told a different one.
The broker just posted its strongest quarterly profit since going public. The driver was not bitcoin - it was gold, oil, and other commodities.
Shares climbed about 6% in early trading after the print.
Net contribution, which is how eToro tracks sales after crypto costs, climbed 19% from a year ago to $258 million.
GAAP net income hit a record $82 million, up 37%. Adjusted EBITDA - a measure of operating profit - rose 35% to $109 million.
Adjusted earnings per share came in at $0.91, well above the $0.69 that Wall Street had pegged.
Funded accounts grew 12% to 4.02 million. Assets held on the platform rose 15% to $17 billion.
CFO Meron Shani called the quarter a sign of the firm's multi-asset model paying off.
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Commodities made up about 60% of eToro's trading fees in Q1. Volumes in the group jumped almost fourfold year over year.
That is a huge shift for a platform that built its brand around stocks and crypto.
It also lines up with the global story. The Iran war has pushed oil and jet fuel higher. Gold has been on a multi-year run as central banks pile in.
Retail traders followed the move.
Crypto trading volume on the platform fell 32% year over year in April. Crypto trades dropped to 2 million for the month.
That is a notable cool-down given how much of eToro's earlier pitch was tied to crypto.
The firm is not pulling back, though. It launched crypto trading in New York after activating its BitLicense.
It also bought Zengo, a self-custody crypto wallet maker, on April 30.
CEO Yoni Assia said the Zengo deal strengthens eToro's bridge between Wall Street and on-chain assets.
eToro also rolled out 24/7 trading for some stocks and commodities. It added Japanese shares too. The firm now offers stocks from 26 markets around the world.
The total user base is now 40 million across 75 countries. April data showed funded accounts at 4.07 million, up 13% from a year ago.
eToro is also leaning into AI tools. The firm uses Grok 4.2 from xAI to power its in-app AI agent, Tori. New "Agent Portfolios" let users test smart portfolio rules in a controlled mode.
It is one of the few public brokers building both crypto and AI features at the same time.
The firm also has $1.3 billion in cash on the books. That gives it room to keep buying smaller crypto and fintech firms.
Shares are still well below their May 2025 IPO price of $52. The stock was trading near $41 after the print.
The bigger question is whether commodities can keep doing the heavy lifting if the Iran war eases.
If oil and gold cool, eToro will need a new driver. For now, the multi-asset bet looks like a strength.
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