Trading app eToro saw its shares rally 14% after delivering all-time-high fourth-quarter profits amid weaker crypto income.

Shares of eToro (ETOR) rallied 14% on Tuesday after the brokerage reported its best quarterly performance of 2025, outperforming peers hit by a slump in crypto trading activity, including Robinhood (HOOD) and Coinbase (COIN).

The Israel-based platform generated $227 million in fourth-quarter revenue, a 6% sequential increase, and delivered a record net profit of $69 million. For the full year, revenue rose 10% to $868 million from $788 million in 2024.

The strong showing came as Robinhood and Coinbase both reported disappointing fourth-quarter results, reflecting lower crypto prices and subdued volatility that dampened transaction volumes.

While eToro’s crypto revenue declined to $3.59 billion in the fourth quarter from $5.8 billion a year earlier, growth in equities and commodities trading helped balance the slowdown in digital assets.

CEO Yoni Assia said during the earnings call that some investors traditionally focused on crypto are rotating into commodities as volatility dynamics shift.

“There’s a clear reallocation underway, with some users moving from lower-volatility crypto markets into assets like gold and silver, where price swings have become more pronounced,” Assia noted.

eToro now offers access to more than 100 cryptocurrencies for U.S. users, but management stressed that the company’s multi-asset model is a key differentiator. Assia described the firm as both crypto-native and a global equities trading platform, positioning it to benefit as more financial activity migrates on-chain.

Despite the strong fourth quarter, early 2026 data indicates cooling engagement. January trading volumes totaled 4 million trades, with crypto transactions down 50% year over year. The average investment per trade also dropped 34% to $182 compared with January 2025.

Even so, eToro’s diversified business mix appears to have softened the impact of continued weakness in the crypto market.