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      eToro CEO Reveals $5 Bitcoin Buy and $50M Exit – Here’s the Wild Story

      Story Highlights
      • Yoniโ€ฏAssia reveals eToroโ€™s $5โ€‘perโ€‘Bitcoin buy turned into a $50โ€ฏM saleโ€”an early exit that still stings.

      • eToroโ€™s longโ€‘awaited Nasdaq debut follows a 2024 net profit of $192โ€ฏM, with crypto now powering 25โ€ฏ% of trades.

      • Armed with 130+ digital assets, eToro targets Genโ€ฏZโ€™s looming $140โ€ฏT wealth shift while doubling down on cryptoโ€™s future.

      eToroโ€™s Yoni Assia Joins Squawk Box to unpack the firmโ€™s Nasdaq IPO, $50M Bitcoin bet, and fintech future. With 130+ crypto assets and a $5.5B valuation, eToro eyes Gen Zโ€™s $140T wealth shift, leaving behind rivals like Robinhood.

      Imagine this: buying Bitcoin at $5 and flipping it for a $50 million profit. Thatโ€™s the daring move eToro, led by CEO Yoni Assia, pulled off in the early 2010s, well before crypto fever grabbed the world. 

      In a recent CNBC interview, Assia spilled the details on eToroโ€™s early gamble, a story of foresight, fortune, and a boardroom decision that still stings.

      ‘Bitcoin is Not Our Business’, eToro Board

      eToro dove into crypto when it was an unknown territory. โ€œWe were very early,โ€ Assia said, recalling how the companyโ€™s treasury snagged Bitcoin at $5, only to watch it rocket to $50,000. 

      The board, wary of straying from eToroโ€™s core, forced a sale at $50 million as they cleared that Bitcoin is not their business area. Assia, with a sneaky grin, hinted he mightโ€™ve โ€œfiredโ€ those cautious board members.

      eToroโ€™s Nasdaq Sees $192M Profit, Crypto Fuels 25% of Trades

      This week, eToro hit a major milestone, listing on Nasdaq after shelving a 2021 SPAC plan. Patience paid off: 2024 saw $192 million in net income, with crypto driving $12 million. Crypto trading now fuels 25% of eToroโ€™s business, up 10% from last year, with over 130 digital assets offered globally.

      Vitalikโ€™s eToro Connection

      eToroโ€™s crypto cred runs deeper. Ethereumโ€™s Vitalik Buterin once worked from their offices before launching his blockchain revolution, a nod to eToroโ€™s early clout. This only highlights how early eToro was in crypto before the big fintech firms roped in.

      It felt like eToro entered Bitcoin in its early stage, only to fumble it. However, it could not be part of their core investment strategy.

      Cryptoโ€™s Lasting Impact

      Assia remains steadfast: โ€œCrypto is here to stay.โ€ While stocks now drive 75% of revenue, and keep a quarter for digital currency trading. From a $5 Bitcoin bet to Nasdaqโ€™s bright lights, eToroโ€™s journey reflects cryptoโ€™s meteoric rise, and its story is far from over.

      In a Nutshell

      Yoni Assian’s eToro bought Bitcoin for $5 in its initial days, only to sell it at $50,000. Well, the board members, specially eToro may still feel like it was a bad move and should have HODL.

      Nevertheless, with some top crypto leaders like Changpeng Zhao seeing Bitcoin cross $1M in the coming years, will Yoni’s eToro consider making a fresh start?

      Never Miss a Beat in the Crypto World!

      Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

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