Strong financial results in strong growth in the second quarter of the eToro multi-asset investment platform. From April to June 2.6 million new registered users, up 121% compared to the second quarter of 2020; total fees of $ 362 million, up 125%; net trading income of $ 291 million, up 136%; and assets under management of $ 9.4 billion.
Yoni Assia, co-founder and CEO of eToro, commented: “We continue to see strong positive momentum. Funded accounts have grown 158% year-over-year to 2 million as of June 30, 2021. We believe investors are looking primarily for three things. from one platform: (1) easy access to the assets they want to invest in, including cryptocurrencies, (2) an intuitive and easy-to-use mobile interface, and (3) financial education, including the ability to tap into knowledge and insights from other investors. By providing all three on a single platform, we are confident that we can drive the democratization of investments and continue to grow our share in an expanding market. “
eToro has added 10 new cryptocurrencies in recent months, including Dogecoin and Shiba Inu, and has also expanded its holistic cryptocurrency offering with the launch of ETH 2.0 staking. In the field of financial education, the new eToro Academy is an educational hub providing users of all levels of investment experience with free resources to enhance their understanding of the markets, with a variety of resources including written guides, videos, webinars , podcasts, and online and in-person training courses.
Cryptocurrencies drove total fees in the second quarter of 2021, reflecting strong individual investor interest in these assets. The interest was diversified on the entire crypto range offered by eToro with the highest volumes of activity recorded on BTC, XRP, ETH, ADA and DOGE. Net income was negative $ 89 million primarily due to a non-cash adjustment item of $ 71 million for eToro employee compensation in shares and $ 36 million in purchase and sale costs related to the merger of the businesses with FTCV. Adjusted EBITDA amounted to $ 33 million in the second quarter of 2021.