Reports eToro's most profitable year in 2025 with growing margins, revenues, and product velocity. Notes that while crypto is down, Q4 and Q1 saw the highest levels ever of global customers trading gold, silver, and commodities.

Explains eToro started as a securities broker in 2007. Strategy is to double down on equities and commodities when crypto goes down, while continuing to build crypto products. Believes in long-term prospects of Bitcoin and Ethereum and the tokenization of financial assets.

Believes in significantly higher long-term prices for Bitcoin and Ethereum, describing the current phase as the fourth crypto cycle with typical corrections. Observes that while the dollar value of crypto on platform is down, the number of units (Bitcoin, Ethereum, Solana) held is going up, indicating resilient, 'HODLing' customer behavior.