Shares of eToro (Nasdaq: ETOR) soared 7% after reporting a 76% increase in assets under administration to $20.8 billion. Net income rose 48% to $57 million, with a 28% increase in net contribution to $215 million. The company also launched a $150 million share repurchase program.

eToro users executed 5 million crypto trades in October, up 84% from last year. The average invested amount per trade rose 52% to $320, with interest-earning assets reaching $8.7 billion. The company plans to launch a crypto wallet offering access to prediction markets, tokenization, and lending products.

In September 2024, eToro suspended trading for most cryptocurrencies in the US following an SEC settlement. Since then, the US government has shifted its stance on digital assets, with President Trump aiming to make the country a global hub for crypto and AI innovation. SEC Chair Atkins stated that most crypto tokens are not securities.

eToro revealed plans to tokenize 100 popular US-listed stocks and ETFs as ERC-20 tokens on Ethereum for 24/5 trading. This move follows Robinhood’s announcement of a layer-2 network on Arbitrum to tokenize US stocks for European investors. The company is focused on product development and innovation, including AI-powered analytics.

Read more at Cointelegraph: eToro Posts 76% YoY Asset Growth, Stock Rises Around 7%