Financial Data and Key Metrics Changes - In 2025, net contribution increased by 10% to $868 million, with a sequential rise of 6% to $227 million in Q4 [7][24] - Adjusted EBITDA grew 4% year-over-year to $317 million, with an 11% quarter-over-quarter increase to $87 million, resulting in a 38% adjusted EBITDA margin for the quarter [8][24] - Assets Under Administration (AUA) rose 11% year-over-year to $18.5 billion, driven by record net deposits and improved customer retention [24] Business Line Data and Key Metrics Changes - Net trading contribution from capital markets (equities, commodities, currencies) increased 43% year-over-year to $116 million, while net trading contribution from crypto declined 72% year-over-year to $26 million [25] - Net interest income rose 18% year-over-year to $59 million, attributed to a 29% increase in higher interest-earning assets [26] - eToro Money's contribution decreased 6% year-over-year to $23 million due to higher cash redemptions in crypto [26] Market Data and Key Metrics Changes - In 2025, trading volume in non-U.S. stocks increased by 80% year-over-year, indicating strong engagement in international markets [18] - The U.S. market remains a focus, with plans to enhance product offerings and marketing efforts to capture a larger share [20][21] Company Strategy and Development Direction - eToro aims to build a financial super app, leveraging AI to enhance user experience and product offerings [4][6] - The company is focused on expanding access to global markets, moving towards 24/7 trading, and broadening its crypto and decentralized finance offerings [6][10] - eToro plans to support over 100,000 tradable assets across equities and crypto by the end of 2026 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing significant opportunities driven by technological advancements and the ongoing generational transfer of wealth [21][23] - The company anticipates continued growth in 2026, supported by a strong balance sheet and cash generation capabilities [30][31] Other Important Information - eToro has authorized an additional $100 million under its share repurchase program, increasing total authorization to $250 million [30] - The company plans to increase sales and marketing investment from 21% to 25% of net contribution to drive growth [28][29] Q&A Session Summary Question: How has eToro managed the current volatility in commodities? - eToro has seen high trading volumes in commodities, particularly in October and January, as customer engagement remains strong [32] Question: Can you provide context on the current crypto market backdrop? - Management remains bullish on crypto and is focusing marketing efforts on equities and commodities during periods of lower crypto interest [35][36] Question: What is the expected timeline for increased marketing spending? - The increase to 25% in marketing spending is expected to occur gradually throughout the year, not immediately in Q1 [37][39] Question: What does the integration of AI mean for trading outlook? - The integration of AI is expected to significantly enhance automated trading activity, leading to increased trading volumes over time [43] Question: What is the current status of the U.S. strategy and customer traction? - eToro has seen significant uptake in the U.S. market, with plans to launch additional products and scale marketing efforts [67][71]

Core Insights - Hyperliquid (CRYPTO: HYPE) is emerging as a competitor to XRP (CRYPTO: XRP) in the cryptocurrency space, both aiming to attract specific types of capital while offering fast and inexpensive transactions [1][3] Group 1: Hyperliquid Overview - Hyperliquid is a Layer-1 blockchain designed to support a decentralized exchange (DEX) focused on crypto trading, particularly for leverage and derivatives [3] - The DEX on Hyperliquid has demonstrated significant activity, with over $1.1 billion in spot trading volume and more than $9.6 billion in perpetual futures trading volume as of September 18 [4] Group 2: XRP Overview - XRP Ledger (XRPL) is tailored for regulated money movement and tokenized finance, featuring protocol-level asset controls essential for financial institutions [5] - XRPL has a native stablecoin, RLUSD, with a total of $95.9 million in fiat currency-backed value and $159.4 million in tokenized U.S. Treasuries [6] Group 3: Liquidity Comparison - Hyperliquid offers a substantial stablecoin float of $6.3 billion, which is significant given its market cap of $15.7 billion, indicating more liquid capital compared to XRPL [8] - In contrast, XRPL has less liquidity available for traders, as it is primarily designed for financial institutions rather than crypto traders [7][8]