XTB Share Price Falls for the Sixth Straight Session, Hitting a Six-Month Low

The stock of XTB (WSE: XTB), Poland's largest retail broker, closed Monday's session at 68.96 PLN after dropping 2.6%, marking its steepest single-day decline since mid-September and breaking through a key support level that had held since early summer.

Although today’s (Tuesday’s) opening brought a brief relief, the stock resumed its decline within minutes. At the time of writing, the share price is down another 0.6%, setting an intraday low of 68.34 PLN and testing its lowest level since April.

What could be driving the decline? In addition to likely speculation, investors point to potential depreciation catalysts such as yesterday’s brief technical issues and selling pressure from larger short positions.

Platform Outages Hit During Trading Hours

XTB clients experienced restricted access to Warsaw Stock Exchange trading on Monday due to what the company described as a third-party software provider malfunction. The brokerage initially announced a technical break from 12:30 PM to 12:45 PM, later extending the disruption until 1:00 PM.

"Currently there are temporary difficulties related to the execution of pending orders on the WSE on our platform. Their cause is a failure on the part of an external supplier, independent of XTB," the company said in a statement, adding that all orders placed in real-time were being executed correctly.

The interruption allowed only market orders to be submitted to a holding queue, with execution delayed until systems were restored. While Monday's session saw relatively modest volatility, frustrated clients took to social media to note this wasn't the first technical incident at the platform.

New Short Position Appears in KNF Registry

Poland's financial regulator KNF disclosed that BlackRock Institutional Trust Company established a 0.51% net short position in XTB shares as of October 1, representing fresh bearish interest in the stock. The filing marks the first reported short position against the brokerage to appear in the regulatory database this month.

The timing of the disclosure coincides with XTB's stock breaking below its 70 PLN support level, potentially opening the path toward February-March lows around 64 PLN, which would represent an additional 8% decline from Monday's close.

Although XTB’s share price is currently declining, it has still delivered substantial returns to shareholders in recent years. By contrast, eToro, which debuted on Nasdaq under the ticker ETOR in May this year, has already lost 50% of its value since June and is trading at record lows, below its IPO price.

Technical Indicators Flash Warning Signs

Chart watchers note that XTB's 50-day and 200-day moving averages are converging toward a potential "death cross" formation, a bearish technical signal that occurs when shorter-term momentum falls below longer-term trends. The last time these indicators crossed was December 2023, though that instance generated a buy signal that preceded a 150% rally over subsequent months.

The stock has wiped out all gains made in 2025, now down approximately 1% year-to-date. Moreover, the Warsaw-listed shares have now fallen roughly 25% from their 2025 peak near 92 PLN reached earlier this year, though the company still maintains gains of approximately 90% over the past twelve months through 2024. The recent decline represents XTB's fifth consecutive down session.

Company Launches Cashback Program Amid Stock Pressure

In a separate development announced Tuesday morning, XTB introduced a cashback benefit offering PRO status clients up to 100 PLN monthly on card purchases made through its eWallet service. The 1% cashback applies to transactions exceeding 400 PLN, capping at 10,000 PLN in monthly spending.

"Almost every statistic shows that the most common barrier to investing is the fear of having insufficient funds and the stereotype that you can only invest large amounts," said Omar Arnaout, XTB's CEO, explaining the rationale behind the new offering.

The PRO status activates automatically for clients executing at least five monthly transactions in stocks or ETFs, excluding CFD instruments. The program excludes money transfers, gambling services, financial services, insurance, and utility payments from cashback eligibility.

Meanwhile, the company announced that it plans to launch options trading later this year, pending regulatory approval from the KNF. It has also kicked off the largest marketing campaign in its history, featuring its ambassador and football legend Zlatan Ibrahimović.

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