Online trading broker eToro today posted its financial report for the third quarter of 2021, revenues marking a solid rise from the year-ago quarter.

For the third quarter of 2021, total commissions were $222 million, up 66% versus the corresponding period in 2020, driven by strong trading revenue, higher interest income and higher other income.

Net trading income was $176 million, up 56% from the year-ago quarter, driven by strong trading across a diverse range of cryptoassets.

Total operating expenses excluding stock-based compensation and merger-related expenses were $203 million, up 94% year-over-year, due to higher marketing expenses and investments to scale and support eToro’s fast-growing business.

The broker registered a net loss of $98 million in the third quarter of 2021, primarily due to a non-cash charge of $60 million in stock-based compensation for eToro employees and $11 million of transaction costs related to the business combination with FTCV. Adjusted EBITDA for the third quarter of 2021 was negative $25 million, largely driven by the Company’s significant investments in growth initiatives, including marketing.

Assets under administration were $10.6 billion as of September 30, 2021, an increase of $1.2 billion from June 30, 2021, driven by both user deposits and asset price appreciation.

Shalom Berkovitz, CFO and Deputy CEO said:

“The third quarter of 2021 saw lower levels of volatility and trading activity following the highs of H1, as we had anticipated, though activity remained significantly above levels seen in 2020. To date in the fourth quarter, we’ve seen a strong uptick in activity, particularly in cryptoassets.

“We continue to see strong engagement and user growth on the eToro platform, as evidenced by the addition of more than 160,000 funded accounts in the third quarter of 2021. We remain excited about eToro’s long-term growth opportunities given the strong secular trend towards self-directed investing and the growing participation of retail investors in global markets, as well as our differentiated offerings. eToro’s focus continues to be on growth and therefore, in periods where we generate revenue in excess of our original forecast, we will look to reinvest these funds into marketing channels and the necessary infrastructure to scale and support our fast-growing business.”

Regarding the proposed merger with FinTech Acquisition Corp. V (NASDAQ:FTCV), the company continues to target a closing in the fourth quarter of 2021.