Crypto Slump Weighs on Robinhood and eToro Shares as Bitcoin Hits Multi-Month Low

Shares of Robinhood and eToro extended their recent declines on Thursday as a sharp selloff in cryptocurrency markets pressured companies with significant exposure to digital asset trading.

Robinhood closed at $75.67, down nearly 10% on the day and marking its eighth consecutive losing session. The stock fell to its lowest level since June 2025, reversing gains made during the late-2025 crypto rally.

eToro shares also dropped, falling about 7% to close near $26.54. The decline marked the company’s seventh straight session in the red. Since its Nasdaq debut in May 2025 at $69, the Israel-founded trading platform has lost more than 60% of its market value.

The equity weakness coincided with a steep fall in Bitcoin, which slid to $63,500 during Thursday’s session, its lowest level since October 2024. The cryptocurrency ended the day down more than 13%, one of its sharpest single-day percentage drops in over a year.

Total cryptocurrency market capitalization declined 6.4% over 24 hours to $2.49 trillion. Ninety-two of the top 100 digital assets by market value posted losses. Bitcoin is now down roughly 44% from its October peak, wiping out more than $800 billion in value.

The selloff also hit Coinbase, the largest U.S. crypto exchange. Its shares fell more than 13% on Thursday to about $152.44, the lowest level since April 2025. The stock has now declined for eight consecutive sessions.

Analysts point to a shared vulnerability among the platforms: heavy reliance on cryptocurrency trading revenue. In eToro’s case, digital assets accounted for 91% of total revenue in the second quarter of 2025, when crypto markets were strong. For full-year 2024, cryptoassets generated nearly 40% of the company’s $931 million in commission revenue, though that share has varied significantly with market conditions.

“For many investors, shares of companies like eToro and Robinhood are indirect exposure to cryptocurrencies on the stock market,” said Arkadiusz Jóźwiak, an analyst and crypto educator at Comparic.pl, stated in an interview. “The strong dependence of their financial results on the fate of cryptocurrencies means we see situations like this.”

Robinhood’s revenue base is more diversified but still meaningfully tied to crypto activity. The company reported $268 million in cryptocurrency revenue in the third quarter of 2025, about 20% of its $1.27 billion in total revenue, representing a 339% year-over-year increase. Its chief investment officer recently noted that retail net buying slowed after a surge in late October, raising questions about the sustainability of trading volumes.

Both companies benefited from the digital asset rally in 2024. eToro’s commission revenue rose 48% year over year that year, with more than a quarter of the growth concentrated in the fourth quarter as Bitcoin surged. Net profit climbed to $192 million from $15.3 million in 2023, largely driven by crypto trading.

Robinhood reported $358 million in cryptocurrency revenue in the fourth quarter of 2024, a 700% increase from a year earlier and, for the first time, higher than its options trading revenue. For full-year 2024, total revenue reached $2.95 billion, up 58%, with crypto contributing 21%.

“When Bitcoin rises, company shares also rise, but when it falls, sentiment changes quickly,” Jóźwiak added. “If Bitcoin continues to decline, Robinhood and eToro could remain under pressure.”