Latest news with #Assia
Yahoo
22-05-2025
- Business
- Yahoo
Warren Buffett Convinced Me To Focus More On Stocks And Less On Crypto, eToro CEO says
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. eToro CEO Yoni Assia has suggested that advice from Warren Buffett influenced the firm to maintain a stock trading focus over cryptocurrencies. According to Assia, eToro was early to cryptocurrencies. eToro had an impressive debut on the Nasdaq. It is no secret that Berkshire Hathaway (NYSE:BRK, BRK.B)) CEO Warren Buffett, one of the most famous investors ever, is no fan of cryptocurrencies, once describing Bitcoin, the largest cryptocurrency by market capitalization, as 'rat poison squared.' And when the Oracle of Omaha speaks, people tend to listen. In one example of this, eToro (NASDAQ:ETOR) CEO Yoni Assia recently revealed that Buffett convinced him not to bet too much on cryptocurrencies. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . Assia has suggested that advice from Buffett influenced eToro to maintain a stock trading focus over cryptocurrencies. 'At a dinner with Warren Buffett, he actually convinced me to focus more on stocks and less on crypto, but we [eToro] love both,' Assia told CNBC in an interview on Thursday. He said this as part of a response to how tied eToro is to cryptocurrencies and whether investors see the newly public firm as a pure crypto play. Market participants such as Bitwise Investment Strategist Juan Leon have championed this view, citing the growing percentage of the firm's revenue coming from cryptocurrency trading. Last year, it accounted for 96% of the firm's revenue, up nearly 10% from the previous year. Meanwhile, according to Assia, eToro was early to cryptocurrencies. 'I started buying Bitcoin at $5 for eToro's treasury,' he said. '$50,000 became $50 million before my board told me, I have to sell it. It's not our business.' Trending: New to crypto? on Coinbase. When jokingly asked whether he fired this board, he told CNBC, 'Maybe.' Assia said it has been 'amazing' to see the journey of cryptocurrencies from when eToro first dipped its toes to now. 'I think nobody doubts that crypto is here to stay. It's a new type of capital markets thriving around the world,' he said. 'Outside the U.S., we have more than 130 different crypto assets trading. But nonetheless, we are passionate about capital markets and the stock markets.' eToro shares debuted on the Nasdaq on Wednesday, opening at $69.69, 34% higher than the offer price of $52, helping the firm beat its $5 billion valuation target. At last look, the firm's stock has shed some of these early gains to trade at $63.15, giving it a market cap of $5.11 billion. eToro initially planned to go public in 2021 through a special purpose acquisition company but decided against the move amid the 2022 bear market. According to Assia, this turbulent market period taught the firm the value of profitability in navigating market downturns. 'eToro changed its strategy in 2022 to profitable growth,' Assia told CNBC. 'We've significantly scaled profitability, making more than $300 million of adjusted EBITDA last year.' Read Next: A must-have for all crypto enthusiasts: . 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Image: Shutterstock Send To MSN: 0 This article Warren Buffett Convinced Me To Focus More On Stocks And Less On Crypto, eToro CEO says originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
Warren Buffett has a surprising advice for eToro's CEO
Legendary billionaire investor Warren Buffett, who recently stepped down as Berkshire Hathaway CEO after 60 years of service, is well-known for influencing a generation of entrepreneurs such as Microsoft founder Bill Gates and Pershing Square founder Bill Ackman. Often referred to as the "Oracle of Omaha,' Buffett's sage advice is paid heed to by the younger generations of CEOs as well. Yoni Assia, founder and CEO of the Israel-based trading and investment firm eToro (Nasdaq: ETOR), recently revealed that it was Berkshire Hathaway founder who "actually convinced" him to focus more on stocks and less on crypto. Assia made the revelation while speaking on CNBC's 'Squawk Box' on May 15, a day after eToro made its Nasdaq debut. Buffett's dislike of crypto is public knowledge, as he once referred to Bitcoin as 'probably rat poison squared' and another time called it a 'gambling token.' Understandably, Berkshire Hathaway has never invested in crypto. During the interview, the eToro CEO said that the firm was very early to crypto. In fact, it was the first regulated company in Europe to launch crypto trading, he said. Assia also reflected on the decision to pull back from the plan to go public in 2011 and said it was a lesson, as he learned that it was important for a company to become profitable before going public. It was therefore the right decision to wait longer in order to become profitable to go public now, he added. "Nobody doubts that crypto is here to stay," Assia underlined. He further claimed that while crypto accounted for 25% of the company's revenue last year, stocks accounted for 75% of the revenue. ETOR made its Nasdaq debut on May 14 with the IPO price of $52 a share but opened at $69.69 before surging to $74.28. The stock was trading at $64.40 at the time of writing, down 3.83% since the last day's close.
Arabian Post
15-05-2025
- Business
- Arabian Post
eToro's Nasdaq Debut Marks a Turning Point for Fintech IPOs
Shares of eToro surged 29% to close at $67 on its first day of trading on the Nasdaq, valuing the Israeli trading platform at approximately $5.4 billion. The company raised nearly $620 million by selling 11.9 million shares at $52 each, exceeding its initial target of 10 million shares priced between $46 and $50. This strong market entry reflects renewed investor optimism amid a broader rebound in the IPO market. BlackRock played a pivotal role as a cornerstone investor, expressing interest in purchasing up to $100 million in shares. Other firms like Robinhood, Chime, Figma, Aspen Insurance, and American Integrity Insurance have also entered or planned to enter the IPO market, signaling a revived appetite for public listings. Founded in 2007 by Yoni Assia and his brother, eToro focuses on mobile stock and crypto trading, boasting 40 million users across 75 countries. In 2024, eToro reported a significant leap in net income to $192.4 million from $15.26 million in 2023, with revenues also climbing from $3.43 billion to $12.64 billion. Assia highlighted the importance of profitability and user engagement, particularly during market volatility, in driving the company's success. The company's U.S. operations, however, are currently limited to trading in Bitcoin, Ethereum, and Bitcoin Cash due to a settlement with the Securities and Exchange Commission . In September 2024, eToro agreed to pay a $1.5 million fine to settle charges that it operated as an unregistered broker and clearing agency. As part of the settlement, eToro restricted its U.S. crypto offerings to the three aforementioned cryptocurrencies and provided users with a 180-day period to liquidate or transfer other crypto assets. See also Investors Pull $1.3 Billion from Gold ETF Amid Market Shifts Despite these limitations, eToro's global operations remain robust, with the company offering over 100 crypto assets to users outside the U.S. The platform's unique social trading features, which allow users to share strategies and mimic top investors, have contributed to its popularity, with over half of its funded accounts engaging socially on the platform in 2023. Arabian Post – Crypto News Network
The Irish Sun
14-05-2025
- Entertainment
- The Irish Sun
Inside Clodagh McKenna's lavish 50th birthday celebrations with jaw-dropping event & performance by Irish music icon
CLODAGH McKenna marked her 50th birthday with a stunning outdoor celebration. The native is married to socialite Harry Herbet and is step-mum to his three children; Chloe, Will, and Frankie. Advertisement 3 Clodagh McKenna turned fifty with a lavish bash Credit: Instagram 3 Clodagh had her family and closest friends to her estate in the UK Credit: Instagram 3 Fans gushed over the 'x' event Credit: Instagram The pair married in 2021 and have been inseparable ever since, and as Clodagh marked her 50th birthday, her husband was right by her side. Taking to her She showed the lavish set-up for the celebrations on the couple's estate in the UK. For the party, they erected large canopies on the lawn and even had a small stage for a traditional Irish band. Advertisement Most read on clodagh mckenna However, the show-stopping part of the celebration was Clodagh's birthday suit. The TV chef wowed in a beautiful copper sequin jumpsuit from the brand Wolf & Badger, which retails for €233. However, she was almost upstaged by her major musical guest, Additionally, Clodagh's husband Harry serenaded the crowd with a beautiful piano medley. Advertisement Most read in News TV Among the crowd joining Clodagh for the bash, were her sisters Niamh and Mairead. Naturally, as a professional chef, Clodagh and her husband spared no expense with the catering for her party. She was forever by my side, says Clodagh McKenna as she pays touching tribute to beloved family dog after sad passing Clodagh had specialised menus created for the night and even had Oysters flown in from Gushing over her fabulous celebration, Clodagh wrote: "And just like that I'm 50… Thank you to my family and friends for being with me to celebrate. There was so much love and happiness in the room. I feel so blessed. My first ever birthday party…I danced til dawn… Advertisement "Huge thank you to all the performers, waiters, chefs, DJ, florists, musicians. You are all so talented, I appreciate everything you did for my party. And my Assia." Friends and fans raced to the TV star's comment section to gush over the fabulous night. BIRTHDAY BASH Imelda May wrote: "I love you to bits!!! What a glorious night full of love, laughter and friendship. All because of you!!!" Advertisement Christy said: "Happy 50th birthday Clo! What an amazing celebration and fab choice of sequin jumpsuit! Keep rocking and being an awesome person." Another fan added: "Most beautiful birthday gal inside and out."
Yahoo
14-05-2025
- Business
- Yahoo
eToro surges in IPO debut, pushing valuation to $6 billion
-- Global online broker eToro Group Ltd (NASDAQ:ETOR) surged in its IPO debut Wednesday. Shares opened at $69.69 after pricing at $52. The stock last traded at $72.25, up about 39%. Overnight, the company priced its upsized IPO of 11,923,018 common shares, up from 10 million, at $52, which was above the expected $46-$50 range. The company and selling shareholders raised $620 million in the deal. The company sold 5,961,509 shares in the offering, and selling shareholders, including CEO and founder Yoni Assia, are selling the other 5,961,509 shares. The offering is being led by Goldman Sachs, Jefferies, UBS and Citigroup (NYSE:C). The underwriters have been granted an option to purchase up to an additional 1.79 million shares. Cornerstone investor Blackrock (NYSE:BLK), Inc. has indicated an interest in purchasing up to an aggregate of $100 million class A common shares in the IPO. As many as 82.37 million Class A and Class B shares will be outstanding immediately following the offering, suggesting a total valuation of nearly $6 billion based on the current price level. Founded in 2007, eToro boasted over 3.5 million funded accounts in 75 countries as of the end of 2024. eToro has been a pioneer in the crypto space. The company was among the first EU-regulated brokers to offer Bitcoin. Further, CEO Assia, co-authored the Colored Coins white paper with Ethereum creator Vitalik Buterin—one of the earliest protocols for asset tokenization on Bitcoin. Net contribution was $787 million in 2024, up 41% from the prior year. Total commission for the year was up 46% to $931 million. Net income for 2024 surged 1,161% to $192 million. Related articles eToro surges in IPO debut, pushing valuation to $6 billion MNTN Files for IPO, targeting up to $187 million Apple Vision Pro to allow eye-scrolling, Bloomberg reports
