格隆汇2月17日｜社交交易平台eToro公布去年第四季度业绩，销售额为38.75亿美元，同比下降33.7%； 调整后每股收益为0.71美元，高于分析师平均预期的0.63美元。截至期末，管理资产总额同比增长 11%，达到185亿美元。此外，公司宣布将股票回购计划的规模增加1亿美元。 来源：格隆汇APP ...

Market Overview - US stock index futures showed slight declines ahead of the market opening, with the Dow Jones futures down 0.05%, S&P 500 futures down 0.23%, and Nasdaq 100 futures down 0.61% [2][3] - Concerns over the disruptive impact of artificial intelligence (AI) and corporate earnings are influencing investor sentiment [1][4] Technology Sector - The "Big Tech" companies experienced declines in pre-market trading, with Apple down 0.4%, Microsoft down 0.5%, Meta down 1.1%, Amazon down 0.2%, Tesla down 1.1%, Nvidia down 1.1%, and Alphabet down 0.1% [3] - Investors are worried about high capital expenditures from major cloud service providers and are questioning when returns will materialize [3] Economic Indicators - The upcoming personal consumption expenditures report, which is the Federal Reserve's preferred inflation indicator, will be closely monitored for insights into inflation and potential impacts on interest rate cuts [4] - Corporate earnings reports from companies like Constellation Energy, eToro, and Labcorp are expected to be released before the market opens [4] European Market - Most European stock markets showed gains, with Germany's DAX index up 0.05%, the UK's FTSE 100 up 0.38%, and France's CAC40 down 0.01% [5] Corporate Developments - Warner Bros. Discovery is considering restarting acquisition talks with Paramount, leading to a 2.8% increase in Paramount's stock price in pre-market trading [6] - Tesla is hiring AI chip design engineers in South Korea, indicating a focus on expanding its AI capabilities [7] - Micron Technology is investing $200 billion to build factories to address AI memory bottlenecks, with plans for two new chip factories expected to be operational by the end of 2028 [8] - Tesla's Cybercab is set to begin production in April 2026, with no pedals or steering wheel, reflecting the company's confidence in its production timeline [9]

Core Insights - eToro reported a net contribution revenue of $868 million for the full year 2025, representing a year-over-year growth of 10% [1] - The company achieved a GAAP net profit of $216 million for 2025, reflecting a 12% increase compared to the previous year [1] - As of the end of 2025, eToro's assets under management (AUA) reached $18.5 billion, marking an 11% growth year-over-year [1] Financial Performance - Full year net contribution revenue: $868 million, up 10% [1] - GAAP net profit: $216 million, up 12% [1] - Assets under management (AUA): $18.5 billion, up 11% [1] Corporate Actions - eToro's board approved an increase in the stock buyback program by $100 million, raising the remaining authorization to $150 million [1] Strategic Focus - The company plans to enhance its investment in AI tools, cryptocurrency, and on-chain infrastructure [1] - eToro aims to expand its offerings in 24/7 trading and products related to cryptocurrency and tokenization [1]

Core Insights - eToro reported better-than-expected fourth-quarter profits driven by strong capital market activity, with net trading income rising 43% to $115.6 million [1][3] - The company observed a shift in trading behavior among crypto-native customers, who are now engaging in commodities trading, indicating a potential maturation of the crypto market [2][5] Group 1: Financial Performance - eToro's net trading income from equities, commodities, and currencies increased by 43% to $115.6 million in the fourth quarter, attributed to investor rotation between crypto and traditional asset classes [3] - The company's assets under administration grew by 11% year-on-year to $18.5 billion [6] - However, net contribution, which accounts for the cost of revenue from crypto assets and margin interest expense, decreased by 10% to $227 million [7] Group 2: Market Trends and Customer Behavior - CEO Yoni Assia noted that the trading of commodities by crypto-native customers is not necessarily a permanent change, as users typically start with crypto before diversifying into other asset classes [4] - Analysts suggest that the behavior of crypto-native customers indicates a more strategic approach to portfolio construction, reflecting a more mature crypto market [5] - The launch of 24/7 trading in gold marks a significant development for eToro, as it is the first time a non-crypto asset is available for round-the-clock trading on the platform [6]

Core Insights - eToro exceeded profit estimates for Q4, driven by growth across various asset classes, with shares rising approximately 8.9% pre-market [1] - The company's assets under administration increased by 11% year-on-year to $18.5 billion, indicating strong performance in its multi-asset business model [1] - Despite the positive overall results, net contribution fell by 10% to $227 million, reflecting challenges in the crypto market [1] Financial Performance - eToro reported an adjusted profit of 71 cents per share for the three months ending December 31, surpassing analysts' average estimate of 63 cents per share [1] - The growth in U.S. equity markets during the quarter was supported by interest-rate cuts, although crypto market volatility raised caution among investors [1] Market Context - The emergence of new fintech firms is challenging traditional Wall Street institutions by attracting younger investors with lower trading costs and user-friendly platforms [1] - Concerns about a potential bubble in the market have arisen due to high valuations in select AI-linked stocks [1]

Core Insights - eToro is offering a promotion for new users to earn up to $500 in crypto upon opening an account and making their first deposit, aiming to simplify the entry into crypto investing [1][3][4] Group 1: Promotion Details - The promotion lowers the barrier for beginners by providing a tangible bonus, making it easier to start investing in crypto [2][3] - New users can receive crypto bonuses based on their first deposit amount, with specific tiers outlined [6][7] - The bonus structure is as follows: - Deposit $200 to $499 → Receive $10 in crypto - Deposit $500 to $2,499 → Receive $30 in crypto - Deposit $2,500 to $4,999 → Receive $200 in crypto - Deposit $5,000 or more → Receive $500 in crypto [7][8] Group 2: User Experience - eToro's platform allows users to manage major cryptocurrencies, stocks, and ETFs in one place, with no required minimum balances [5][6] - Users can track their portfolios in real-time and utilize social and copy trading tools to follow experienced investors [6] - The promotion is available to new users in eligible U.S. states, excluding residents of New York, Nevada, and Hawaii [9]

Group 1 - The U.S. non-farm payrolls unexpectedly surged, impacting the U.S. bond market and leading traders to reduce bets on interest rate cuts by the Federal Reserve this year [1] - The two-year Treasury yield rose by 6 basis points to approximately 3.51%, indicating a significant reaction in the short-term bond market [1] - The current market expectations have shifted, with the next anticipated rate cut by the Federal Reserve now projected for July instead of the previously expected June [1] Group 2 - U.S. stock markets closed flat, while Asian stock index futures showed mixed trends, suggesting varied investor sentiment across regions [1] - Futures indicate that the Japanese stock market is expected to rise after its holiday, while the Australian benchmark index futures are showing a decline [1] - The strong U.S. economy is countering market desires for lower borrowing costs, which is supporting risk sentiment among investors [1] Group 3 - Analyst Bret Kenwell from eToro suggests that investors should welcome the U.S. employment report, as it provides the Federal Reserve with more room to maintain interest rates [1] - A stable labor market is viewed as constructive for both the economy and the markets, indicating potential positive implications for future economic conditions [1]

Group 1: US Economic Indicators - The US dollar index is experiencing fluctuations ahead of the non-farm payroll data release, with market participants cautiously awaiting the January employment figures [1] - Weak retail sales data has strengthened the case for the Federal Reserve to lower interest rates, with the market now pricing in a slight increase in the probability of three rate cuts this year [2] - The US labor market is expected to show continued weakness, which, along with easing inflation pressures, may encourage the Fed to implement two more rate cuts this year [2] Group 2: Currency Movements - The Japanese yen strengthened in early trading, driven by concerns over potential intervention in the currency market by Japanese authorities [2] - The Australian dollar's attractiveness as a high-yield currency has been reinforced by the Reserve Bank of Australia's hawkish shift, which may accelerate domestic investors' demand for carry trades [3] Group 3: Regional Economic Outlook - The New Zealand central bank is likely to maintain its cash rate at 2.25% in the upcoming policy meeting, acknowledging an improving economic outlook [3] - Indonesia's short-term economic prospects may weaken due to Moody's downgrade of the country's credit rating outlook from "stable" to "negative," which could lead to increased volatility in the Indonesian rupiah and affect foreign investment [4]

Economic Overview - The U.S. economic data shows weakness, increasing expectations for Federal Reserve rate cuts, which has driven Asian stock markets to historical highs [1][2] - The MSCI Asia-Pacific Index rose by 1% to a record high, further extending its lead over U.S. and European markets this year [1] - U.S. retail sales data for December unexpectedly stagnated, indicating reduced consumer support for the economy, reinforcing the likelihood of rate cuts later this year [1][2] Market Reactions - The U.S. dollar weakened against all G10 currencies, with the dollar index declining for the fourth consecutive day by 0.2% [1][6] - Asian markets are experiencing a strong performance, with major indices showing significant gains, such as the Australian S&P/ASX 200 rising by 1.7% [4][3] - Gold prices have stabilized above $5,000 per ounce, rising by 0.4% due to the weak retail sales data supporting the case for rate cuts [1][9] Employment Data Focus - The upcoming U.S. employment report is seen as critical, with economists expecting 65,000 new jobs in January, which would be the best performance in four months [1][2] - The unemployment rate is anticipated to remain at 4.4%, and the employment data will include annual revisions expected to show a downward adjustment in employment numbers through March 2025 [1][2] Commodity and Currency Movements - Gold prices have seen a recent increase, with spot gold rising to $5,044.53 per ounce, supported by declining U.S. Treasury yields [9][12] - Oil prices have also risen, with Brent crude increasing by 0.8% to $69.36 per barrel amid geopolitical tensions in the Middle East [13] - Bitcoin has seen a slight decline of 1.6%, trading at $67,531.27, despite increased accumulation by large holders [16]

Core Insights - Blockchain.com has secured registration with the UK's Financial Conduct Authority (FCA), allowing it to offer crypto services under a stringent regulatory framework, enhancing user protection and oversight of funds [1][3]. Company Overview - Founded in the UK in 2011, Blockchain.com has processed over $1.2 trillion in crypto transactions and serves 90 million wallets globally, highlighting its significant presence in the crypto market [2]. - The company has transitioned from York to London and has been part of the UK's tech landscape for over a decade, as noted by CEO Peter Smith [2]. Regulatory Developments - The recent UK registration follows Blockchain.com's MiCA license obtained last year, enabling operations across all 30 European Economic Area countries, positioning the company favorably in major regulated markets [3]. - The FCA is developing a comprehensive crypto regulatory regime set to launch in 2027, with Blockchain.com planning to apply for full authorization when applications open later this year [4]. Future Prospects - There are rumors that Blockchain.com is considering going public in the U.S. through a special purpose acquisition company (SPAC), which would allow it to raise funds and identify a target company for acquisition [4]. - If successful, this listing would add Blockchain.com to a select group of companies that have gone public since 2025, including USDC issuer Circle and crypto exchange Bullish [5].