eToro building predictable non-trading revenue

This is eToro trying to make more money when customers are not actively trading. Stock lending pays eToro and the customer when a held stock is borrowed, staking pays fees when users keep eligible crypto on platform, and subscriptions turn platform usage into a repeat monthly or annual payment. That matters because trading revenue swings with market activity, while interest and membership style revenue is steadier and compounds as assets on platform grow.1 2 3 4 5

• Stock lending is the clearest example. In April 2025, eToro launched it in the UK and Europe with BNY. A customer who already owns a stock can opt in, eToro lends that stock to a borrower, and the lending income is split. No new trade is required for revenue to be created.1 2
• The starting point is already meaningful. By 2024, net interest was about 20% of eToro revenue, and assets under administration reached $16.6B. Adding lending, broader staking, and subscription products gives eToro more ways to monetize idle cash and held assets instead of relying mostly on spread fees from each transaction.3 4 5
• This also moves eToro toward the playbook used by Robinhood, where subscriptions and securities lending help diversify beyond trading. Robinhood reported Gold subscription revenue of $179M in 2025, and disclosed billions of dollars of user securities borrowed in its lending program, showing how large these recurring and quasi recurring streams can become at scale.6 7 8

The next step is to turn the brokerage into a place where assets stay parked, not just a place where trades happen. As eToro layers in subscriptions, lending, staking, and eventually wallet based yield and tokenized products through Zengo, the business should look less like a transaction led broker and more like an asset gathering platform with a thicker recurring revenue base.2 4 5