eToro Group (NasdaqGS:ETOR) Q4 2025 Earnings call February 17, 2026 08:30 AM ET Company ParticipantsBrett Knoblauch - Head of Digital Asset ResearchBrian Bedell - DirectorCraig Siegenthaler - Managing DirectorDaniel Amir - Head of Investor RelationsDevin Ryan - Director of Financial Technology ResearchJames Yaro - VP of Equity ResearchJohn Todaro - Managing DirectorMeron Shani - CFORobin Holby - Equity Research AssociateYoni Assia - CEOConference Call ParticipantsAlex Kramm - Equity Research AnalystDan Dole ...

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]