Do repost and rate:
Trading platform eToro saw commissions from crypto trading increase by nearly 23-fold in the second quarter compared to the same period last year.
- Commissions from crypto trading were $264.2 million, compared to just $11.2 million in the year-earlier period.
- The share that crypto represented of total trading commissions increased to 73% this past quarter compared to just 7% during the same period last year. XRP brought in the most commissions out of any crypto assets while bitcoin had the most trading volume.
- The company's total trading commissions were $362 million and net trading income was $290 million. Net income for the company was negative $89 million, however, due to a non-cash charge of $71 million in stock-based compensation for eToro employees and a $36 million transaction cost related to its future merger with special purpose acquisition company (SPAC) FinTech Acquisition Corp. V.
- eToro announced in May that it plans to go public via its merger, which values the combined company at $10.4 billion.
- The company added 2.6 million new clients in the second quarter, a 121% increase from this time last year but 500,000 less than what they added in the first quarter. The company now has 23.2 million total users.
