eToro has agreed to acquire U.S.-focused brokerage TradeZero for up to $231 million as the trading platform expands its presence in the U.S. market amid a sharp decline in cryptocurrency trading activity.
The cash-and-stock transaction will give eToro access to TradeZeroโs active-trader customer base and brokerage infrastructure. The deal is expected to close in the first half of 2027, subject to regulatory approvals and other customary closing conditions.
TradeZero, founded in 2015, operates in the United States, Canada and other international markets. Its platform offers stock and options trading, extended-hours access, short-selling tools and market scanners designed for active traders.
According to eToro, TradeZero generated approximately $80 million in revenue during the 12 months ended June 30, 2026, with an 81% gross margin. eToro expects the acquisition to increase its adjusted earnings per share during the first year after completion.
The acquisition comes as eToro reports a significant decline in cryptocurrency activity on its platform. The company recorded approximately 1.4 million crypto trades in July, down 73% from the same period a year earlier. The amount invested per crypto trade also fell by 50%.
Crypto-related revenue declined to approximately $1.34 billion in the second quarter from $1.9 billion a year earlier. However, the figures are reported on a gross basis and include the cost of acquiring crypto assets for customers.
Despite weaker crypto activity, eToro’s broader trading business showed growth during the second quarter. Net trading income from equities, commodities and currencies increased 24% year over year to $141.6 million, with equities accounting for much of the increase. Adjusted earnings reached $0.68 per share, above analysts’ expectations of $0.61.
The company has also continued expanding its digital asset operations. In April, eToro completed its acquisition of self-custodial crypto wallet provider Zengo, adding wallet infrastructure to its broader digital asset strategy. The company has also expanded crypto trading in New York after activating its BitLicense.
The TradeZero deal adds another layer to eToro’s efforts to strengthen its U.S. business while reducing reliance on cryptocurrency trading as a source of activity. eToro CEO Yoni Assia said the acquisition would help the company accelerate the launch of products for U.S. customers.
The transaction is expected to involve cash and up to 2.5 million newly issued eToro Class A shares, with the final consideration reaching as much as $231 million after customary adjustments.
