Core Insights - OKX is launching a native social networking feature called Orbit within its trading app, allowing users to discuss markets, disclose trading performance, and execute trades directly from posts [1][3] - The launch of Orbit is part of a broader trend among trading platforms to integrate social media with market activities, following the lead of platforms like eToro, Bybit, and Binance [2] Group 1: Feature Details - Orbit embeds a real-time discussion layer in the OKX app, enabling users to post trade ideas, host livestreams, and form groups while linking to tradable assets through cashtags like $BTC and $ETH [1] - Users can view a trader's holdings, total profit and loss, and trading history under the "performance" tab, which updates in real time based on the user's trading history [4] - Metrics can be sorted across various time frames, including 7 days, 30 days, 90 days, and one year, with identity verification required to access Orbit [5] Group 2: Market Context and Implications - The launch of Orbit coincides with OKX's expansion into traditional finance, following a $25 billion investment from Intercontinental Exchange, aimed at enabling tokenized stock trading [3] - Orbit addresses credibility issues in online trading communities by providing verifiable performance data, which users can choose to share but cannot edit [5] - The feature also introduces creator rewards based on follower engagement and activity, further incentivizing user participation [5]

Financial Data and Key Metrics Changes - For the year, net contribution increased 10% to $868 million and rose 6% sequentially in the fourth quarter to $227 million [7] - Adjusted EBITDA grew 4% year-over-year to $317 million, and 11% quarter-over-quarter to $87 million, delivering a 38% adjusted EBITDA margin in the quarter [8][24] - AUA for the quarter increased 11% year-over-year to $18.5 billion, driven by record net deposits and improving customer retention metrics [24] Business Line Data and Key Metrics Changes - Net trading contribution from capital markets increased 43% year-over-year to $116 million, driven by investor rotation between crypto and traditional asset classes, particularly strong performance in commodities [25] - Net trading contribution from crypto declined 72% year-over-year to $26 million due to lower invested amounts per trade and softer trading activity [25] - Net interest income contributed $59 million, up 18% year-over-year, largely driven by a 29% increase in higher interest earning assets [26] Market Data and Key Metrics Changes - In 2025, trading volume in non-U.S. stocks activity increased by 80% year-over-year [18] - The U.S. market remains a focus, with plans to bring the full eToro experience to the U.S. and expand product offerings [20][21] - Significant growth in commodities trading was noted, with high engagement levels during periods of volatility [32] Company Strategy and Development Direction - The company aims to build a financial super app, focusing on expanding access to global markets and enhancing its product offerings [4][6] - eToro is committed to being an AI-first company, embedding AI across its business to accelerate product development and improve efficiency [15] - The strategy includes global expansion while deepening relationships in existing markets, particularly in Europe and the U.S. [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing significant opportunities in 2026, driven by technology innovation and alignment with macro trends [23] - The company is optimistic about the long-term outlook, emphasizing the importance of AI and the transition to on-chain market infrastructure [17][23] - Management noted that the current volatility in crypto markets is expected and that the diversified business model demonstrates resilience [25][36] Other Important Information - The company plans to increase sales and marketing investment from 21% to 25% of net contribution to drive growth [28] - eToro has repurchased 1.5 million shares for $59.5 million and announced an additional $100 million authorization under its share repurchase program [30] - The company is actively exploring M&A opportunities to support disciplined inorganic growth [53] Q&A Session Summary Question: How has eToro managed the current volatility in commodities? - Management noted high engagement and trading volumes in commodities during periods of volatility, particularly in October and January [32] Question: Can you provide context on the current crypto market backdrop? - Management remains bullish on crypto and is focusing on product development and marketing shifts to adapt to market conditions [35][36] Question: What is the expected timeline for increasing marketing expenses? - Management indicated gradual growth towards 25% throughout the year, with flexibility to adjust based on market conditions [37][39] Question: What is the outlook for AI integration and its impact on trading? - Management believes advancements in AI will lead to significant increases in algorithmic trading activity over time [43] Question: What is the current status of customer traction in the U.S.? - Management reported significant uptake in U.S. product launches and plans to continue scaling marketing activities [71][72]

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]

Financial Data and Key Metrics Changes - In Q4 2025, net contribution increased 6% sequentially to $227 million, with a 10% increase year-over-year to $868 million for the full year [5][22] - Adjusted EBITDA grew 11% quarter-over-quarter to $87 million, achieving a 38% adjusted EBITDA margin in Q4 [6][22] - Assets Under Administration (AUA) increased 11% year-over-year to $18.5 billion, driven by record net deposits [22] Business Line Data and Key Metrics Changes - Net trading contribution from capital markets (equities, commodities, currencies) rose 43% year-over-year to $116 million, while net trading contribution from crypto declined 72% year-over-year to $26 million [23] - Net interest income increased 18% year-over-year to $59 million, attributed to a 29% rise in higher interest-earning assets [24] - eToro Money's contribution decreased 6% year-over-year to $23 million due to higher cash redemptions in crypto [24] Market Data and Key Metrics Changes - The company expanded its trading capabilities to 24/5 for all S&P 500 and NASDAQ 100 stocks, contributing to a doubling of total stock trading volume over the past two years [7] - In the U.S., the crypto offering was broadened to over 100 coins, enhancing staking capabilities [8] - The company plans to support over 100,000 tradable assets across equities and crypto by the end of 2026 [8] Company Strategy and Development Direction - eToro aims to build a financial super app, focusing on AI adoption, expanding access to global markets, and enhancing its product offerings [3][4] - The company is committed to democratizing investing and providing tools for users to grow their knowledge and wealth [5] - eToro is positioned to lead the shift to on-chain market infrastructure, with plans to introduce tokenized real-world assets in 2026 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing significant opportunities in 2026, driven by technology innovation and global expansion [21] - The company highlighted the ongoing structural increase in retail participation in markets and the largest generational transfer of wealth in history [4][19] - Management noted that the current crypto market environment is expected to stabilize, with a focus on diversifying product offerings [33] Other Important Information - The company repurchased 1.5 million shares for $59.5 million and announced an additional $100 million authorization under its share repurchase program [26][27] - eToro plans to increase sales and marketing investment from 21% to 25% of net contribution to drive growth [25] 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 customers engage actively during periods of volatility [30] Question: Can you provide context on the current crypto market backdrop? - Management remains bullish on crypto and is focusing on product development and marketing shifts to adapt to market conditions [33] Question: What is the expected timeline for increased marketing spending? - The increase to 25% is expected to occur gradually throughout the year, with flexibility to adjust based on market conditions [36][38] Question: What is the outlook for AI integration and its impact on trading? - Significant advancements in AI are expected to lead to increased automated trading activity, enhancing trading volumes over time [41] Question: What is the current customer traction in the U.S.? - eToro has seen significant uptake in the U.S. since launching CopyTrader and plans to introduce Smart Portfolios in H1 2026 [67] Question: What is the appetite for M&A in 2026? - eToro has a high appetite for M&A and is in discussions with several target companies, focusing on selective and accretive opportunities [51][52]

Core Insights - The global retail forex market is projected to reach $7.8 trillion by 2025, growing by 12% year-on-year, with digital trading accounting for 65% of the market share [1] - The demand for diversified asset allocation, trading convenience, and risk hedging is driving this trend, as 68% of high-net-worth investors prioritize "global market access" when choosing brokers [1] - Online CFD brokers play a crucial role in connecting individual investors to global financial markets, with their technological capabilities, compliance systems, and service models directly impacting the industry's healthy development [1] Group 1: Industry Challenges - **Regulatory Trust Crisis**: 32% of retail forex platforms lack licenses from G20 financial regulators, and 18% operate beyond their regulatory scope, leading to significant investor losses [1][2] - **Liquidity Bottlenecks**: 60% of retail forex investors have experienced "slippage," with 35% facing slippage exceeding 10 basis points due to brokers using the "Market Maker" model [2] - **Lack of Investor Education**: 78% of forex novices cannot distinguish between "NDD" and "MM" models, and 62% are unaware of how to calculate leverage risk exposure, which increases the likelihood of investment losses [2][3] Group 2: Technological Empowerment and Compliance Practices - **Multi-Regulatory Compliance Systems**: Brokers like ATFX hold multiple licenses from various regulatory bodies, ensuring compliance across 24 markets and safeguarding client funds in segregated accounts [4][5] - **NDD Trading Model**: The No Dealing Desk (NDD) model is the primary technical solution to liquidity pricing discrepancies, with ATFX reporting a slippage rate of only 0.8% under this model [5] - **Comprehensive Investor Education**: ATFX has developed a full lifecycle investor education system, including online courses and one-on-one advisory services, to bridge the knowledge gap among investors [6] Group 3: Practical Validation of Solutions - **ATFX's NDD Model and Compliance Synergy**: A UK retail investor benefited from ATFX's NDD model, avoiding potential slippage losses and ensuring fund safety through compliance with regulatory standards [7] - **IG Markets' Technical Education and Localization**: A Japanese investor utilized IG Markets' technical analysis tools to achieve a 15% return on gold CFD trading, aided by localized service [7] - **CMC Markets' Mobile Technology and User-Friendly Practices**: A Nigerian investor successfully navigated forex trading through CMC Markets' mobile app and local language support, preventing forced liquidation [7] Future Outlook - The online CFD brokerage industry is expected to evolve towards "AI+ trading" and "social investing," with companies like ATFX developing AI-driven investment advisory services to enhance personalized strategies [8] - The focus on compliance, technological advancement, and comprehensive service will remain essential for brokers to meet investor needs and navigate market uncertainties [8]

Q3 2025 Key Performance Indicators - eToro's funded accounts reached 373 million, a 16% year-over-year increase[13] - Assets Under Administration (AUA) totaled $208 billion, marking a 76% year-over-year growth[13] - Net Contribution amounted to $215 million, reflecting a 28% year-over-year increase[13] - Adjusted EBITDA reached $78 million, a 43% year-over-year increase[13] Financial Performance - Net income increased to $57 million, a 48% year-over-year increase[119] - Total money transfers grew to $28 billion, a 58% year-over-year increase[115] - Interest-earning assets rose to $79 billion, a 53% year-over-year increase[111] User Engagement - The number of trades in capital markets/ECC increased to 135 million, a 15% year-over-year increase[106] - The number of cryptoasset trades increased to 16 million, a 73% year-over-year increase[106] - Invested amount per cryptoasset trade increased to $300, a 58% year-over-year increase[106] Strategic Initiatives - eToro announced a $150 million share repurchase program[156] - eToro Money accounts reached 175 million, with debit card issuance increasing 25 times compared to Q2[75]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________________ ETORO GROUP LTD. (Exact name of Registrant as specified in its charter) As filed with the U.S. Securities and Exchange Commission on May 5, 2025. Registration No. 333-286050 Not Applicable (Translation of Registrant's name into English) ___________________________ British Virgin Islands 6211 Not Applicable (State or other juri ...

As filed with the U.S. Securities and Exchange Commission on March 24, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________________ ETORO GROUP LTD. (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) ___________________________ (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identificat ...