Net trading income from equities, commodities, and currencies climbed $27.6 million year-over-year to reach $141.6 million — so the direction of travel is already clear. But net income came in at $53.5 million — that’s 35% lower than the first quarter. The TradeZero deal fits that frame — it’s not a crypto bet, it’s a bet on active traders who want to move fast through equities and options markets. The $231 million price tag, with the share component still subject to price adjustments, means the final number could move. eToro agreed to pay up to $231 million for TradeZero, with the deal structured as a combination of cash and up to 2.5 million newly issued Class A shares, subject to price adjustments.