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Price · 6M
$38.23
Thesis
eToro is a multi-asset retail-trading platform with a heavily international user base, distinguished by its social / copy-trading product. Unlike Robinhood, eToro has been profitable through crypto cycles — the company demonstrated discipline through the 2022–23 downturn and entered its 2025 NASDAQ listing on a credible profitability footing.
The investment case is a frontier retail-brokerage franchise that monetizes both traditional securities flow and a meaningful crypto book without being a pure-play on either. Risks: heavy reliance on CFD products in international markets (regulatory cyclicality), competitive pressure from local European brokers, and US growth still in early innings.
Catalysts
- Funded account growth and assets under administration
- Crypto-trading contribution to revenue mix
- US user acquisition and product depth
- Regulatory developments around CFD products in key markets