eToro Opens to Claude and ChatGPT Agents, Sets $250M Buyback

On 10 November, eToro said that new connectors to Claude, ChatGPT and Grok let users connect their own AI agents to the eToro platform. The company also said that the number of users trading through APIs and AI agents had grown by 250% since the second quarter. These details appeared in its third-quarter results report. Net contribution fell 13% to $186 million. The board also approved a plan to buy back up to $250 million worth of its own shares.

The number of funded accounts grew 18% to 4.39 million. This means each account brought in about $42 in net contribution during the quarter, compared with about $58 one year earlier. That is a 26% decrease per account, based on our calculations.

What eToro Reported

Net contribution is eToro's measure of revenue after crypto costs and interest earned from margin trading are taken into account. The company said it "decreased by 13% year-over-year to $186 million, compared to $215 million in the third quarter of 2025, driven primarily by decreased crypto trading activity". Net income under GAAP accounting rules fell 74%, from $57 million to $15 million.

Diluted GAAP earnings per share were $0.14, compared with $0.53 one year earlier. Adjusted diluted earnings per share were $0.26, compared with $0.60. This was a 57% decrease, based on our calculations. A post by Wall St Engine on X said analysts had expected $0.35 per share. However, eToro's results report does not include an earnings estimate. Adjusted EBITDA, a measure of business earnings, fell 56% to $34 million.

Assets under administration stayed flat at $20.8 billion. Chief financial officer Meron Shani said: "Capital markets net contribution increased 21% year over year, while crypto activity sequentially recovered".

What Was Posted on X

Wall St Engine posted eToro's third-quarter results highlights at 12:09 UTC on 10 November. The post reported net contribution of $186 million, down 13%, adjusted earnings per share of $0.26 against an expected $0.35, and 4.39 million funded accounts, up 18%. The expected earnings figure came from the person who wrote the post. The other figures match eToro's results report.

The Agent Connectors

The results report lists the AI updates under its investing and wealth services. Besides the new connectors, eToro said its App Store now has more than 250 active apps. It also said that Agent Portfolios, which let users connect AI agents to a separate account within their investment portfolio, continued to become more popular.

Chief executive Yoni Assia said eToro had launched a new app "built from the ground up with AI at its core". He added: "Now we are taking it into the agentic era, combining the collective intelligence of our community with AI and advanced tools". The results report does not say how many users trade with AI agents or how much net contribution these users generate.

Less Per Account

We can divide quarterly net contribution by the number of funded accounts at the end of each quarter. Based on our calculations, this gives about $42.4 per account in the third quarter of 2026, compared with $57.6 one year earlier. That is a 26% decrease, even though the number of accounts grew 18%. eToro does not publish this calculation itself.

October's figures show a similar pattern. Funded accounts increased to 4.42 million, up 18%. However, the number of crypto trades fell 62% to 2.0 million, while trades in capital markets fell 22% to 48.2 million. The average amount invested in each capital-markets trade was $184, down 49%.

The $250 Million Buyback

eToro's board approved a plan to buy back up to $250 million worth of company shares. The company said it "believes that its current share price does not fully reflect the Company's fundamental value". It also said the programme could help support future acquisitions, where "etoro shares could serve as an effective transaction currency". In other words, the company may use its own shares to help pay for other businesses.

On 30 September, eToro had $1.2 billion in cash, cash equivalents and short-term investments. This means the share buyback programme is worth about one-fifth of that amount, based on our calculations. The average number of diluted shares during the quarter was 91.9 million, which was 8.4% lower than one year earlier, based on our calculations. eToro also agreed to buy LB Finanzas, an investment and payments platform in Argentina.

The Structural Read

Our reading of the results is that eToro's new AI agent connectors and its share buyback come at a time when its financial performance is falling. The company says the decline was mainly caused by lower crypto trading activity. However, the results report does not give a revenue figure for users who trade through AI agents.

Our calculations also show that eToro added funded accounts faster than it increased net contribution. The number of accounts grew 18%, while net contribution per account fell 26%.

Three Implications

FOR USERS eToro says its new connectors let users connect their own Claude, ChatGPT and Grok agents to the platform. Its Agent Portfolios feature also lets users connect these agents to a separate account within their portfolio.

FOR ETORO Each funded account brought in about $42 in net contribution during the quarter, compared with about $58 one year earlier, based on our calculations.

FOR SHAREHOLDERS The board approved a share buyback of up to $250 million. This is about one-fifth of the company's $1.2 billion in cash, cash equivalents and short-term investments, based on our calculations.

The Business Engineer Lens

This story connects to the Business Engineer framework called The Agentic Harness War.

The framework makes this argument: “The agentic surface — the harness — is becoming where value pools in the entire AI stack”. In simple terms, it argues that the tools and systems people use to control AI agents are becoming an important place where businesses can create and capture value.

Our reading is that eToro is positioning itself behind these tools. Users bring their own Claude, ChatGPT or Grok agent, while eToro provides the investment account and carries out the trades, according to the company's description. The framework was published before these results and does not discuss eToro.

What Is Not Established

The results report does not show how much net contribution comes from each product. It also does not say how many users or how much money are in Agent Portfolios. There is no timetable for the share buyback. The report also does not say how much LB Finanzas will cost or when the purchase will be completed.

The Bottom Line

eToro opened its platform to users' own Claude, ChatGPT and Grok agents. It also approved a share buyback of up to $250 million. These announcements came in a quarter when net contribution fell 13% to $186 million. Each funded account brought in about $42, which was 26% less than one year earlier, based on our calculations.