Goldman Sachs: eToro Crypto Trading Up 280% QoQ, Price Target Cut to $34

Goldman Sachs' September 14, 2026 research report noted that eToro's crypto trading volume reached 5.3 million transactions in August, up 280% quarter-over-quarter and down 4% year-over-year. ECC trading amounted to approximately 52 million transactions, up 7% quarter-over-quarter and up 31% year-over-year. Total commissions reached $42.8 million, up 19.7% quarter-over-quarter. Net new accounts added in August totaled 40,000, bringing total accounts to approximately 4.3 million, with assets under management of $20.2 billion.

Goldman Sachs lowered its price target for eToro from $36 to $34, maintaining a Neutral rating. The current price is $30.35, implying 12% upside. Goldman believes crypto trading strengthened significantly, but ECC trading and eToro Money transfers came in weaker than expected, offsetting some of the growth. The firm cut its 2027 and 2028 net contribution forecasts, primarily reflecting a weaker outlook for ECC and eToro Money. Risks include a negative turn in the retail trading cycle, interest rate cuts impacting net interest income, and execution risks in U.S. expansion.

[TechFlow]