Shares of eToro (ETOR) surged 14% Tuesday after the online brokerage posted its strongest quarterly results of 2025, standing out as crypto-focused competitors such as Robinhood (HOOD) and Coinbase (COIN) grappled with softer trading conditions.

The Israel-based company reported fourth-quarter revenue of $227 million, up 6% from the previous quarter, and a record net profit of $69 million. For the full year, revenue increased 10% to $868 million, compared with $788 million in 2024.

The performance contrasted sharply with recent results from Robinhood and Coinbase, both of which missed expectations amid declining crypto prices and easing market volatility that weighed on transaction volumes.

Although eToro’s crypto revenue fell to $3.59 billion in the fourth quarter from $5.8 billion a year earlier, the shortfall was offset by stronger activity in equities and commodities trading.

CEO Yoni Assia said on the earnings call that some crypto-heavy clients are diversifying into commodities as volatility patterns shift across markets.

“With crypto volatility lower than in prior cycles, we’re seeing growing interest in gold, silver and other commodities that are currently experiencing larger price swings,” Assia said.

eToro offers more than 100 digital assets to U.S. customers, but management emphasized that its broader, multi-asset model is central to its strategy. Assia noted that the company’s dual identity as a crypto-native platform and global equities broker positions it well as financial infrastructure increasingly moves on-chain.

Still, early data from 2026 suggests trading momentum has cooled. January volumes totaled 4 million trades, with crypto activity down 50% year over year. The average investment per trade also declined 34% to $182 compared with January 2025.

Even so, eToro’s diversification across asset classes appears to have helped cushion the impact of continued weakness in digital asset markets.