eToro Expands Its Altcoin Lineup in the U.S.

The crypto market is getting a bit of a boost on Wednesday as trading platform eToro expands its altcoin lineup in the U.S., and XRP is making headlines on multiple fronts. Fresh off its Nasdaq debut, eToro has added 12 new cryptocurrencies to its U.S. offerings.

Among the newly added tokens are Dogecoin, XRP, Cardano, and Shiba Inu. Until now, the platform only offered Bitcoin, Ethereum, and Bitcoin Cash to American traders. Aave, Chainlink, Compound, Ethereum Classic, Litecoin, Stellar, and Uniswap have also been included in eToro’s U.S. crypto lineup.

eToro's U.S. crypto services are expanding after a period of scaling back due to SEC sanctions.

This move is part of eToro's strategy to grow its U.S. presence and compete with major platforms like Coinbase (NASDAQ:COIN) and Robinhood (NASDAQ:HOOD).

eToro's Return After SEC Settlement

eToro, which went public via a SPAC merger in March 2024, has been a prominent figure in the crypto space. However, the SEC sanctions in September 2024 led to eToro removing most tokens from its U.S. platform. Only Bitcoin, Ethereum, and Bitcoin Cash remained available to American users after the startup scaled back its services.

eToro's IPO was successful, raising about $ 310 million and showcasing strong investor interest in platforms that offer both stocks and crypto. The stock slipped slightly on Wednesday to $64.15, still above its IPO price of $52.

eToro's efforts to expand its U.S. crypto services come after a period of scaling back due to sanctions from the Securities and Exchange Commission. The startup had to pay $310 million to settle claims that it was operating as an unregistered broker and clearing agency.

eToro was providing crypto trading to U.S. users without registering with the SEC, a violation of securities laws. The regulator also asserted that eToro misled investors about the risks involved in crypto trading.

After a startup focused largely on copy trading for forex and stocks, eToro pivoted to crypto in 2023. The company's sprawling trading platform now offers a wide range of assets, including stocks, forex, copy trading, and crypto.

eToro Remains a Major Player

Despite scaling back, eToro remains one of the world's largest multi-asset trading platforms, serving over 40 million users in 75 countries.

Following a period of scaling back its U.S. crypto services, eToro is now making a strong comeback. Crypto accounted for 37% of eToro's Q1 2025 trading commissions.

Earlier this week, eToro reported a 22% rise in revenue for the first quarter of 2025, reaching $286 million. The company's net profit also increased by 10% to $133 million.

eToro's strategy appears to be focused on building a diverse user base across various asset classes, a move that could be crucial for long-term success in the competitive financial technology sector.