Online broker eToro Group Ltd (NASDAQ:ETOR) had one of its worst days since becoming a publicly traded company two months ago, as its shares tumbled by 8% on Tuesday to close at $50.74.

This marks the first time that eToro shares have traded (and indeed closed) below the company’s $52 IPO price. eToro went public in mid May at $52 a share, and its shares quickly climbed to nearly $80 in June, before declining by more than 30% over the past few weeks to $55.30 at Monday’s close – before eToro’s Q2 results were announced – and then again Tuesday by 8% after the results were released.

eToro shares traded as low as $50.00 (-9.6%) at one point yesterday, before recovering somewhat to close at $50.74.

Unlike rival Robinhood (NASDAQ:HOOD), eToro wasn’t able to overcome a sharp drop-off in client Crypto trading revenues in Q2. While Robinhood saw a 37% decline in Crypto trading revenue in Q2, much like eToro, it experienced a healthy increase in Options trading revenue to have a bounceback quarter with modest increases in overall company revenue and profits.

So where does eToro go from here?

eToro did list a number of initiatives underway such as 24/5 trading for 100 U.S. equities, enhanced wealth management solutions, neobanking services in Europe, and global expansion including establishing Singapore as its Asian headquarters. However for the time being, it seems as though eToro’s results tilt mainly on clients trading Crypto.

eToro share price chart, IPO to present. Source: Google Finance.