eToro agrees to acquire US-focused online brokerage TradeZero for up to $231M in cash and stock; TradeZero had ~$80M in revenue over the 12 months ended June 30
Context & Ripple Effects
eToro is pursuing a second acquisition in 2026: its reported Zengo wallet deal would add token-to-fiat swapping, while TradeZero brings a U.S.-focused brokerage with roughly $80 million in trailing 12-month revenue. The pairing extends eToro's acquisition activity across brokerage and wallet functions.
The U.S. push also follows eToro USA's settlement that limited its available crypto assets, making the addition of a U.S.-focused brokerage strategically notable within the company’s constrained domestic offering.
First-order effects
- TradeZero is set to move under eToro ownership in a transaction valued at up to $231 million in cash and stock, giving eToro control of its U.S.-focused brokerage business and its reported revenue base.
- eToro adds a brokerage acquisition to the reported Zengo purchase, increasing the number of businesses it must operate and integrate across its trading and wallet activities.
Second-order effects
- eToro’s U.S. product and compliance strategy becomes more consequential because TradeZero expands its brokerage presence after the company limited U.S. crypto trading under its SEC settlement.
- TradeZero’s customers and operations become part of a broader eToro platform strategy that also includes the proposed wallet provider, concentrating more trading-related services under one owner.
Third-order effects
- If eToro continues using acquisitions to assemble brokerage and wallet capabilities, competition in retail trading may increasingly turn on the breadth of regulated product infrastructure rather than a single trading feature.
- The sequence points to a more segmented U.S. expansion model for crypto-adjacent platforms, in which brokerage, wallet functionality, and available crypto assets are managed as distinct regulatory and operating layers.
The trend: Retail trading platforms are using targeted acquisitions to build broader, compliance-aware U.S. infrastructure across brokerage and digital-asset services.