Crypto transactions were the backbone of Etro’s business in the second quarter, generating around 91% of the company’s total revenue, according to the latest revenue report.
This is a slight decline from the 93% stock recorded in the first quarter, suggesting a slight increase in contributions from stocks and other trading segments.
For the three months ended June 30th, revenue from CryptoAssets totaled $191 billion, reaching a small loss of $8.4 million from Crypto Derivatives Trading.
After deducting the cost of crypto asset revenue of $1.88 billion, digital asset transactions still account for the majority of Etro’s total revenues, filing shows.
In the first quarter, crypto-related revenues reached $3.5 billion, up a $77 million increase from crypto derivatives, accounting for more than 93% of the company’s total revenues.
The company is increasingly betting on crypto. Last month, it announced plans to tokenize US stocks on the Ethereum blockchain to enhance trading capabilities.
Etoro was published in May for $52 per share, raising roughly $310 million from the Nasdaq listing. The company’s shares are currently trading at $50.7, a decline of more than 8.2% since its trading debut.
