In short: "A global social investment and multi-asset brokerage platform… But its biggest asset class is the trading of crypto." The quarter is the proof of the cooling: "EPS was okay, but revenue was down 30% because of the decline in the trading of crypto assets." Stock −14% on the day it reported (Tuesday), −19% for the year and −47% over 12 months. "Like I said, not so cool."
eToro is a global brokerage app where people trade stocks, ETFs and crypto and copy other users' portfolios. The trouble is the mix: its biggest category by far is crypto trading, so its revenue is really a bet on crypto activity, not on markets generally.
The quarter made that visible — earnings were fine but revenue fell 30% purely because crypto trading dried up. The stock dropped 14% on the day, and is down 19% this year and 47% over twelve months. Eisman uses it as hard evidence for the softer claim he made about Bitcoin: "like I said, not so cool." When a platform's revenue tracks a fad, the platform is only as durable as the fad.
25:45But its biggest asset class is the trading of crypto. EPS was okay, but revenue was down 30% because of the decline in the trading of crypto assets. And the stock was down 14% on the day that it reported, which was on Tuesday, and is down 19% for the year and 47% over the past 12 months. Like I said, not so cool.
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