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eToro CEO Yoni Assia recently shared that the company made one of the earliest institutional cryptocurrency investments by purchasing Bitcoin at just $5 per coin. This strategic move eventually yielded a $50 million profit, showcasing eToro’s early adoption of crypto assets.

eToro’s Early Bet on Bitcoin

In a recent interview, Assia revealed that eToro added Bitcoin to its treasury in the early 2010s, well before cryptocurrencies gained mainstream attention. Reflecting on this decision, Assia stated, “We were very early to crypto. I started buying Bitcoin at $5 for eToro’s treasury… $5 became $50,000 and eventually $50 million before my board told me I had to sell it. It’s not our business.”

Although the company eventually sold its Bitcoin holdings, this move underscores eToro’s foresight in recognizing Bitcoin’s potential during its infancy.

eToro’s Evolving Focus

Over time, eToro has shifted its focus toward traditional financial markets. According to Assia, 75% of the company’s revenue now comes from stock trading. However, the platform continues to support over 130 cryptocurrency assets, highlighting its ongoing commitment to the crypto sector.

Interestingly, Ethereum co-founder Vitalik Buterin worked out of eToro’s offices before launching the Ethereum network, further cementing the company’s historical connection to the blockchain space.

Crypto’s Role in eToro’s Business Model

Despite its pivot toward stocks, crypto remains a significant part of eToro’s operations, accounting for approximately 25% of the company’s business. Assia emphasized the enduring relevance of digital assets, stating,

“Nobody doubts that crypto is here to stay.”

eToro’s Nasdaq Debut

eToro recently marked a major milestone by going public on Nasdaq. This achievement follows an 18-year journey characterized by strategic growth and adaptation. The company had previously abandoned plans for a SPAC merger in 2021, opting instead to wait until it achieved sustained profitability before pursuing an initial public offering (IPO).

By going public, eToro joins a growing list of trading platforms that started with a strong focus on cryptocurrencies and have since expanded into broader financial services.

A Balanced Approach to Finance

eToro’s journey highlights the balance between its crypto roots and its evolution into a diversified trading platform. While the company has shifted its revenue model toward more traditional markets, its ongoing support for a wide range of cryptocurrencies reflects its belief in the long-term viability of digital assets.

As crypto continues to shape the financial landscape, eToro stands out as an example of how early adoption and adaptability can position a company for success in both emerging and established markets.

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