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Crypto Trading Commissions at eToro Increase to $264M in Q2

Crypto trading commissions rose almost 23-fold in the second quarter compared to the same time last year, according to eToro.

  • Crypto trading commissions totaled $264.2 million in the second quarter, up from $11.2 million the previous quarter.
  • Crypto's portion of overall trading commissions rose to 73 percent this quarter, up from only 7 percent the year before. Among all crypto assets, XRP generated the most fees, but bitcoin had the highest trading volume.
  • Total trading commissions were $362 million, with $290 million in net trading revenue. However, due to a non-cash charge of $71 million in stock-based compensation for eToro employees and a $36 million transaction cost linked to its prospective merger with special purpose acquisition company (SPAC) FinTech Acquisition Corp. V., the business reported a net loss of $89 million.
  • eToro stated in May that it intends to go public via a merger that would value the merged business at $10.4 billion.
  • In the second quarter, the firm acquired 2.6 million new customers, a 121 percent rise over the same time last year but 500,000 less than in the first quarter. As of June 30, the business has 23.2 million total users.

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