Financial Data and Key Metrics Changes - Net contribution increased by 28% year over year to $215 million, while adjusted EBITDA rose by 43% to $78 million, resulting in solid operating margins of 36% [3][22] - Assets under administration reached a record high of $20.8 billion, up 76% year over year, and funded accounts grew by 16% to 3.73 million [5][22] Business Line Data and Key Metrics Changes - Net trading contribution from crypto surged by 229% year over year to $56 million, driven by higher invested amounts per trade and increased activity [23] - Net trading contribution from capital markets, equities, commodities, and currencies declined by 21% year over year to $73 million due to a shift in investor activity towards crypto [23] - Net interest income increased by 44% year over year to $62 million, largely due to a 52% rise in higher interest-earning assets [23] Market Data and Key Metrics Changes - Funded accounts in the US saw significant growth, with new funded accounts surpassing those of 2024 year-to-date, and a three-times increase in crypto volumes quarter over quarter [16][17] - The company expanded its market access globally, now offering access to 22 different exchanges and planning to increase to over 30 by 2026 [6] Company Strategy and Development Direction - The company is focused on four strategic pillars: trading, investing, wealth management, and neobanking, while accelerating product innovation [5][11] - Plans to democratize investing by making it simple, accessible, and social, with a focus on AI-driven tools and community engagement [4][12] - A $150 million share repurchase program was announced, reflecting confidence in long-term growth prospects [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capture significant growth opportunities driven by innovation, global expansion, and macro trends [11][19] - The company anticipates continued strong performance in Q4, with positive momentum in capital markets and crypto businesses [25] Other Important Information - The company launched a new subscription model for the eToro Club, providing premium benefits and exclusive features [10][26] - The integration of Spaceship in Australia allows users direct access to superannuation products, enhancing the wealth management offering [10] Q&A Session Summary Question: Comment on the new subscription offering and its opportunity - The subscription model was launched to provide premium benefits and consolidate previous models, enhancing customer engagement [26][27] Question: Discuss account growth and contributing regions - Account growth has been strong, with double-digit growth driven by increased deposits and engagement, though geographic breakdowns were not provided [28][29] Question: Implications of artificial intelligence on trading - AI tools are being developed to enhance user engagement and automate trading strategies, with early signs of success in user adoption [30][31] Question: Strategic focus by geography - The company aims for long-term growth in the US and Asia while maintaining leadership in Europe, focusing on data-driven marketing strategies [33][34] Question: Account growth expectations - The company targets double-digit growth in funded accounts, supported by a growing market of younger investors [35][36] Question: Dynamics of crypto trading volumes - Strong crypto trading volumes were noted, with a shift in investor activity impacting capital markets revenues [37][38] Question: Capital allocation priorities - The company is balancing share buybacks with potential M&A opportunities, maintaining a strong cash position [40][41] Question: Pathway for prediction markets - The company is exploring both organic and inorganic opportunities for prediction markets, leveraging existing infrastructure [42] Question: Mechanics of copy trading in the US - Copy trading operates similarly in the US and internationally, with ongoing enhancements to the Pro Investor program [50][51]