eToro exemplifies one-stop trading

This deal shows that the winning retail investing app is becoming a one stop market access bundle, not a single asset specialist. Robinhood bought Bitstamp to get a global crypto exchange with institutional flow, licenses across multiple regions, and customers in the EU, UK, US, and Asia, while eToro has already built the inverse model, a mainstream brokerage where crypto sits next to stocks, ETFs, and social copy trading in one account.

• eToro already earns across both sides of that convergence. In 2024, 35% of revenue came from equities trading, 21% from crypto trading, and 20% from interest income. That mix is what a converged platform looks like in practice, users do not leave the app when they want a different asset.
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• Robinhood bought Bitstamp for about $200M in cash, announced on June 6, 2024 and closed on June 2, 2025. The point was not just adding coins, it was adding Bitstamp's institutional business, active global licenses, and international footprint so Robinhood could expand beyond its US retail base faster.
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• Crypto native exchanges are moving the other direction. Kraken added commission free stock trading in April 2025, then moved into options, futures, and tokenized equities through acquisitions. The market is collapsing toward the same end state, a single account for trading everything, with different companies approaching from opposite starting points.
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The next phase is broader product stacking. eToro is extending into options and longer trading hours for global users, while Robinhood and crypto exchanges keep adding licenses, asset classes, and trading infrastructure. The result is a more direct fight over who becomes the default retail wallet for every investable asset, not just the default app for stocks or crypto alone.