Financial trading platform eToro officially listed on NASDAQ this Wednesday
eToro CEO Yoni Assia discussed the company’s listing and the development of its cryptocurrency business during an interview with CNBC on Thursday. Assia mentioned that an investment of $50,000 at that time had turned into $50 million, but the eToro board told him, “It must be sold; this is not our business.” When asked if he had fired those directors who suggested selling, Assia laughed and said, “Maybe.”
Assia stated that witnessing the development of cryptocurrency to its current state has been “a truly wonderful experience.” Last September, eToro agreed to pay $1.5 million to settle with the U.S. Securities and Exchange Commission (SEC) over allegations that eToro was illegally acting as a broker and clearing agency while operating its cryptocurrency business. eToro did not admit or deny the findings of the investigation but agreed to retain trading of only specific cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH), and to sell off its other crypto assets.
According to regulatory filings, eToro’s net profit for 2024 is projected at $192 million, with $12 million of that revenue coming from crypto assets. Cryptocurrency accounts for about a quarter of the company’s transaction volume, marking a year-on-year growth of up to 10%.
Assia also recounted his previous experience dining with “Oracle of Omaha” Warren Buffett, stating that 25% of eToro’s revenue last year came from its cryptocurrency business, while 75% was from the stock market, “Our clients trade stocks from over 20 different stock markets.”
