Shares of Social Trading and Investing Platform Etoro (NASDAQ: ETOR) rose on Monday after the company reported a 76% year-over-year increase in assets under administration to $20.8 billion in the third quarter.
The company too posted A 28% increase in net contribution to $ 215 million, from $ 167 million in the previous year, including the launch of a $ 150 million share repurchase program.
Net income under generally accepted accounting principles (GAAP) increased 48% to $57 million from $39 million in the same quarter last year, while funded accounts expanded 16% to 3.73 million, supported by the inclusion of the Australian spaceship app acquired in 2024.
The company’s shares rose about 7% on Monday in the intraday session on the NASDAQ.
In October, etoro users conducted 5 million cryptocurrency trades, representing an 84% increase from the same period a year earlier. The average invested amount per trade increased by 52% to $320, while interest-earning assets reached $8.7 billion, up 55% year on year.
The company said its crypto wallet, which will give users access to prediction markets, tokenization and lending products, is expected to launch within the next few quarters.
Co-founder and CEO Yoni Assia said the company is focused on product development and innovation, citing initiatives tied to AI and copy trading. The company launched TORI last quarter, an AI-powered analyst that delivers personalized investment insights.
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Etoro returns to crypto
In September 2024, Etoro has suspended trading For most cryptocurrencies in the US following a settlement with the Securities and Exchange Commission. The company agreed Pay $1.5 million to resolve allegations that it operated an unregistered broker and clearing agency through its crypto platform.
Since then, the US government has moved Global Hub for Crypto and AI Innovation. SEC Chair Paul Atkins said in September that “Most crypto tokens are not securities. “
In July, Etoro announced plans to tokenize 100 of the most popular stocks listed in the US and exchange-traded funds (ETFs) as ERC-20 tokens on Ethereum, enabling 24/5 trading onchain.
The move comes shortly after trading and investment platform Robinhood announced a Layer-2 network built on arbitrum To tokenize US stocks, giving European investors 24/5 access to more than 200 tokenized equities and ETFs.
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