EToro agreed to buy US brokerage TradeZero for up to $231M in cash and stock as Q2 crypto revenue dropped 30% YoY to $1.34B and July crypto trades fell 73% YoY.
EToro Group announced two significant developments on Aug. 11: a deal to acquire a US brokerage and a set of quarterly results showing its crypto business continuing to shrink.
The two announcements together sketched a company shifting its weight toward equities even as it deepens its footprint in the US market.
The acquisition target is TradeZero, a US online brokerage founded in 2015 and built around the needs of active traders. EToro agreed to pay up to $231 million in a combination of cash and up to 2.5 million newly issued Class A common shares. The deal is expected to close…
