eToro Group Ltd (ETOR) 2025 Q2 法說會逐字稿

Thank you, everyone, for joining eToro's second quarter 2025 earnings call. My name is Daniel Amir, Head of Global Investor Relations. Here with me today are Yoni Assia, Founder and Chief Executive Officer; and Meron Shani, Chief Financial Officer. This morning at 7:00 AM. Eastern Time, eToro released its second quarter 2025 results.

感謝大家參加 eToro 2025 年第二季財報電話會議。我叫丹尼爾‧阿米爾 (Daniel Amir)，是全球投資人關係主管。今天與我一起在場的還有創辦人兼執行長 Yoni Assia 和財務長 Meron Shani。今天早上 7:00。東部時間，eToro 發布了 2025 年第二季業績。

In the Investors section of our website, you will find the earnings press release and presentation to accompany today's discussion. This webcast is being recorded and will be available for replay in the Investors section of our website. Yoni and Meron will offer opening remarks and then open the webcast to Q&A. During the Q&A portion of the webcast, we will answer live questions from publishing research analysts, and we'll address the selection of the most up-voted questions previously submitted by eToro's shareholders. As a reminder, today's webcast will contain forward-looking statements, which relate to our financial outlook and market positioning among other items.

在我們網站的「投資者」部分，您將找到與今天討論相關的收益新聞稿和簡報。該網路廣播正在錄製中，可在我們網站的「投資者」部分重播。Yoni 和 Meron 將致開幕詞，然後開啟網路直播進行問答。在網路直播的問答環節，我們將回答出版研究分析師的現場提問，並解答 eToro 股東之前提交的得票最多的問題。提醒一下，今天的網路廣播將包含前瞻性陳述，其中涉及我們的財務前景和市場定位等。

Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from these expressed or implied in the forward-looking statements due to a variety of factors. These factors are discussed in more detail in the press release that we issued today and related earnings presentation and our filings with the SEC, including our prospectus dated May 13, 2025, as such factors may be updated from time to time in our filings with the SEC, which are or will be accessible on the SEC's website at www.sec.gov. We do not undertake any obligation to update forward-looking statements. Throughout this webcast, we will also present and discuss non-GAAP financial measures.

此類前瞻性陳述並不能保證未來的表現。由於各種因素，實際結果可能與前瞻性陳述中表達或暗示的結果有重大差異。這些因素在我們今天發布的新聞稿、相關收益報告以及我們向美國證券交易委員會 (SEC) 提交的文件（包括我們2025年5月13日的招股說明書）中進行了更詳細的討論。這些因素可能會在我們向SEC提交的文件（目前或將來均可在美國證券交易委員會網站www.sec.gov上查閱）中不時更新。我們不承擔更新前瞻性陳述的任何義務。在整個網路廣播過程中，我們還將介紹和討論非公認會計準則財務指標。

Reconciliation of our non-GAAP financial measures to their most directly comparable GAAP financial measures appear in today's earnings press release and presentation, which are available in the Investors section of our website. And now I will turn the call over to Yoni, Founder and CEO.

我們的非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳記錄在今天的收益新聞稿和簡報中，您可以在我們網站的「投資者」部分找到。現在我將把電話轉給創辦人兼執行長 Yoni。

Thank you, Daniel. And thank you to everyone joining us today for your interest in eToro, and welcome to our second quarter 2025 earnings call, our first earnings call as a public company. After Meron and I conclude our prepared remarks, we'll open it up to analyst questions. Before sharing some highlights from our second quarter results, I would like to briefly introduce eToro for those of you who are new to our story. We founded eToro in 2007 with a vision of opening the global markets for everyone to trade and invest in a simple and transparent way.

謝謝你，丹尼爾。感謝今天加入我們的所有人對 eToro 的關注，歡迎參加我們的 2025 年第二季度收益電話會議，這是我們作為上市公司的首次收益電話會議。在我和梅隆結束準備好的發言後，我們將開始回答分析師的問題。在分享我們第二季業績的一些亮點之前，我想先向那些不熟悉我們故事的人簡單介紹 eToro。我們於 2007 年成立 eToro，旨在開放全球市場，讓每個人都能以簡單透明的方式進行交易和投資。

At that time, investing was largely the domain of traditional financial institutions catering to season investors with significant capital. Retail investors face daunting barriers, complex platforms, high fees and a lack of educational resources. Our goal was to change that by using technology to level the playing field and create a platform that could empower millions to participate in the financial markets.

當時，投資主要是傳統金融機構的業務，主要針對擁有大量資金的季節性投資者。散戶投資者面臨巨大的障礙、複雜的平台、高昂的費用以及缺乏教育資源。我們的目標是利用科技來改變這種狀況，創造公平的競爭環境，並創造一個可以讓數百萬人參與金融市場的平台。

Today, eToro provides a gateway to the global financial markets, offering a social and investment platform that empowers our users from around the world to trade, invest, save and spend in a way that suits their unique needs. We've built a social investment network designed to provide users with educational resources and tools they need to grow their knowledge and wealth.

如今，eToro 為全球金融市場提供了門戶，提供了一個社交和投資平台，使我們來自世界各地的用戶能夠以適合其獨特需求的方式進行交易、投資、儲蓄和消費。我們建立了一個社會投資網絡，旨在為使用者提供成長知識和財富所需的教育資源和工具。

We provide what retail investors around the world care about the most, simple access to the assets they want to invest in an intuitive and user-friendly mobile app and a trusted and transparent source for financial education and tools, including the ability to draw on the knowledge and insights of the top investors from all around the world.

我們提供全球散戶投資者最關心的內容，透過直覺、用戶友好的行動應用程式輕鬆存取他們想要投資的資產，並提供值得信賴、透明的金融教育和工具來源，包括借鑒來自世界各地的頂級投資者的知識和見解的能力。

On eToro's platform, users can invest in stocks for more than 20 different stock exchanges and trade over 130 different crypto assets alongside indices, commodities and currencies. We serve customers in 75 different countries and 20 different languages; users can trade directly invest in a portfolio or user patented copy trader technology to replicate the investment strategies of the top investors on our platform.

在 eToro 平台上，用戶可以投資 20 多個不同證券交易所的股票，並交易 130 多種不同的加密資產以及指數、商品和貨幣。我們為 75 個不同國家和 20 種不同語言的客戶提供服務；使用者可以直接交易、投資投資組合或使用專利複製交易者技術在我們的平台上複製頂級投資者的投資策略。

eToro Money, our money management offering enables our customers to have a virtual bank account and a debit card and manage multiple balances as they trade both global and local stocks. We also provide many valuable investment tools and services, including sophisticated charting and AI-powered tools.

eToro Money 是我們的資金管理產品，它使我們的客戶能夠擁有虛擬銀行帳戶和借記卡，並在交易全球和本地股票時管理多個餘額。我們也提供許多有價值的投資工具和服務，包括複雜的圖表和人工智慧工具。

We've built a track record for identifying and adopting key investment and technology trends. We've been a pioneer in the crypto space since 2011 due to my own passion around blockchain technology. Crypto's underlying principles of transparency, security and inclusivity resonate deeply with eToro's mission.

我們在識別和採用關鍵投資和技術趨勢方面有著良好的記錄。由於我對區塊鏈技術的熱愛，自 2011 年以來，我們一直是加密領域的先驅。加密貨幣的透明度、安全性和包容性的基本原則與 eToro 的使命產生了深刻的共鳴。

As one of the first global investment platforms to embrace crypto, we've helped millions of investors access this new market in a safe way. As technology continues to evolve so does our ability to create more inclusive financial systems, artificial intelligence holds immense potential to revolutionize investing.

作為首批採用加密貨幣的全球投資平台之一，我們已經幫助數百萬投資者以安全的方式進入這個新市場。隨著科技的不斷發展，我們創造更具包容性的金融體系的能力也在不斷增強，人工智慧具有徹底改變投資的巨大潛力。

Editorial, we're already using AI to provide users with personalized insights, identify trends and optimize their strategies, but this is just the beginning. We believe that the next wave of financial innovation will be driven by collaboration between people and technology.

編輯部，我們已經在使用人工智慧為用戶提供個人化的見解、識別趨勢並優化他們的策略，但這只是個開始。我們相信下一波金融創新將由人與科技的合作所推動。

Editorial, we're committed to staying at the forefront of this transformation using technology to enhance the investing experience while keeping the human element of its core. Our goal is to create a platform that not only meets the needs of today's investors but also anticipates the opportunities and challenges of tomorrow. Now let's move to the quarter results.

編輯部，我們致力於走在這項轉型的前沿，利用科技來增強投資體驗，同時保持人性化元素作為其核心。我們的目標是創造一個不僅能滿足當今投資者的需求，而且還能預見未來機會和挑戰的平台。現在讓我們來看看季度業績。

We are very pleased with our strong second quarter results, which reflect the continued success of our goal to be the leading trading investment platform. Our net contribution for the quarter increased 26% year over year to $210 million, and our adjusted EBITDA increased 31% year over year to $72 million, while improving operating margins. In terms of geographic diversification, we recently expanded our global footprint, activating our license in Singapore.

我們對第二季的強勁業績感到非常滿意，這反映了我們成為領先交易投資平台的目標的持續成功。本季我們的淨貢獻年增 26% 至 2.1 億美元，調整後的 EBITDA 年成長 31% 至 7,200 萬美元，同時營業利潤率也有所提高。在地域多樣化方面，我們最近擴大了全球業務範圍，並在新加坡啟動了許可證。

This milestone positions eToro to serve Asia's growing investor base from a key financial center as we continue to grow our global presence. Over the past quarter, we also made real progress in advancing our product development across our four strategic pillars: Trading, Investing, Wealth Management and Neo-banking, delivering innovative features that strengthen user engagement and expand our addressable market.

這一里程碑使 eToro 能夠從重要的金融中心為亞洲不斷增長的投資者群體提供服務，同時我們將繼續擴大全球影響力。在過去的一個季度，我們在四大策略支柱（交易、投資、財富管理和新銀行）的產品開發方面也取得了真正的進展，提供了增強用戶參與度和擴大我們目標市場的創新功能。

In Trading, we continue to enhance the trading experience by expanding access and flexibility for our users. We announced the expansion of 24/5 trading and on exchange futures, and we intend to expand this offering to provide our users around the world with the flexibility to trade on their own time.

在交易方面，我們透過擴大用戶的存取權限和靈活性來繼續增強交易體驗。我們宣布擴大 24/5 交易和交易所期貨服務，並且我們打算擴大此項服務，為全球用戶提供靈活地按自己的時間進行交易的便利。

The ongoing efforts to remove boundaries in trading and financial markets underpins our interest and focus in tokenization. Back in 2012, we wrote the colored coins white paper, a method for representing and managing real-world assets on top of the Bitcoin blockchain. We first offered tokenized assets back in 2019, following our acquisition of Smart contract start-up Firmo.

持續努力消除交易和金融市場的界限，鞏固了我們對代幣化的興趣和關注。早在 2012 年，我們就撰寫了彩色幣白皮書，這是一種在比特幣區塊鏈上表示和管理現實世界資產的方法。在我們收購智能合約新創公司 Firmo 之後，我們於 2019 年首次提供代幣化資產。

Building on this heritage, we're launching tokenized stocks. We believe that blockchain technology will facilitate the greatest ever transfer of wealth as traditional assets move on to the blockchain. As a platform that bridges between traditional trading and a blockchain-powered future, we believe we're very well positioned to participate in the transformation of financial markets and grow our business. In the US recent regulatory development around crypto represents an important milestone and a great tailwind for our US

基於這項傳統，我們推出了代幣化股票。我們相信，隨著傳統資產轉移到區塊鏈上，區塊鏈技術將促成有史以來最大規模的財富轉移。作為連接傳統交易和區塊鏈未來平台的橋樑，我們相信我們完全有能力參與金融市場的轉型並發展我們的業務。在美國，最近圍繞加密貨幣的監管發展代表著一個重要的里程碑，對我們美國來說是一個巨大的推動力

expansion. As a result, in recent months, we've significantly expanded our crypto offering for our US users and now offer the ability to trade over 100 different crypto assets. We'll continue to add more crypto assets and more features for our US consumers and will be soon launching staking as well.

擴張。因此，近幾個月來，我們大幅擴展了針對美國用戶的加密貨幣服務，現在可以交易超過 100 種不同的加密資產。我們將繼續為美國消費者添加更多加密資產和更多功能，並且很快也將推出質押服務。

Turning to Investing. We continue to introduce innovative solutions that make investing simpler, smarter and more personalized. This quarter, we rolled out a suite of our Alpha Portfolios as part of our Smart Portfolio offering. These AI-powered long/short strategies are built using advanced analysis of multiple sources of data, including eToro's proprietary retail trading data. This gives our users access to exclusive quantitative trading strategies typically used by hedge funds and institutional investors only.

轉向投資。我們不斷推出創新解決方案，使投資變得更簡單、更聰明、更個人化。本季度，我們推出了一套 Alpha 投資組合，作為我們智慧投資組合產品的一部分。這些由人工智慧驅動的多頭/空頭策略是使用多種資料來源的高級分析建構的，包括 eToro 的專有零售交易資料。這使我們的用戶可以存取通常僅由對沖基金和機構投資者使用的獨家量化交易策略。

In addition, we also announced a partnership with Franklin Templeton to launch new portfolios focused on long-term target date investing. These efforts broaden our investment offering and personalized user experience to help our customers achieve their financial goals at each stage of their financial journey.

此外，我們也宣布與富蘭克林鄧普頓合作推出專注於長期目標日期投資的新投資組合。這些努力擴大了我們的投資範圍並個性化了用戶體驗，以幫助我們的客戶在財務旅程的每個階段實現其財務目標。

As part of our efforts to provide a global platform with a localized experience, we've expanded our Wealth Management offering to provide access to long-term tax advances, savings and investment solutions. In the second quarter, we expanded our savings from Australia and the UK to also France, launching retirement and life insurance products to give our users more ways to invest in the future.

作為我們努力提供具有在地化體驗的全球平台的一部分，我們擴展了財富管理服務，以提供長期稅收預支、儲蓄和投資解決方案。第二季度，我們將儲蓄範圍從澳洲和英國擴展到法國，推出退休和人壽保險產品，為我們的用戶提供更多投資未來的方式。

Additionally, we rolled out recurring investments and saving plans in crypto and stocks in the UK, Europe and the UAE, enabling our users to automate their investments in making disciplined investing easier and more accessible. Moving to our Neo-banking solutions. We recently launched the eToro Money card across Europe. This card turns everyday spending into investing by offering a 4% stock back reward on every purchase alongside premium benefits. Before I conclude, I want to also address the topic of harnessing AI technology.

此外，我們在英國、歐洲和阿聯酋推出了加密貨幣和股票的定期投資和儲蓄計劃，使我們的用戶能夠自動化他們的投資，從而使有紀律的投資變得更容易、更容易獲得。轉向我們的新銀行解決方案。我們最近在歐洲推出了 eToro Money 卡。此卡為每次購物提供 4% 的股票返還獎勵以及優質福利，將日常消費轉變為投資。在結束之前，我還想談談利用人工智慧技術的話題。

eToro has been leveraging artificial intelligence for many years, but we believe that we are now at an inflection point. We are harnessing AI to redefine social investing. We're rolling out a suite of powerful AI-driven tools that empower popular investors with sophisticated professional capabilities. With these tools, we're not democratizing only access to the markets and data. We're now democratizing quantitative trading and investing.

eToro 多年來一直在利用人工智慧，但我們相信我們現在正處於一個轉折點。我們正在利用人工智慧重新定義社會投資。我們正在推出一套強大的人工智慧驅動工具，為大眾投資者提供先進的專業能力。有了這些工具，我們不僅實現了市場和數據存取的民主化。我們現在正在使量化交易和投資民主化。

Community is at the heart of everything we do, and these AI-powered tools will enable our popular investors to build apps and trading strategies that combine social trading with advanced execution capabilities, equipping them to innovate like the top hedge funds around the world and scale their impact within the eToro ecosystem.

社群是我們一切工作的核心，這些工具將使我們受歡迎的投資者能夠建立將社交交易與高級執行功能相結合的應用程式和交易策略，使他們能夠像世界各地的頂級對沖基金一樣進行創新，並擴大他們在 eToro 生態系統中的影響力。

In line with this vision, we recently launched Tori, our powerful AIS system, transforming how users interact with eToro, answering questions, surfacing personalized insights, guiding them into the platform and helping them make better decisions, all through natural conversation. Tori helps users make smarter decisions and navigate our platform based on the advanced models out there, including recently GPT-5. We truly believe that AI tools are a game changer for investors. I suggest you all try that.

為了實現這個願景，我們最近推出了強大的 AIS 系統 Tori，它改變了使用者與 eToro 互動的方式，透過自然對話回答問題、提供個人化見解、引導使用者進入平台並幫助他們做出更好的決策。Tori 協助使用者做出更明智的決策，並根據現有的先進模型（包括最近的 GPT-5）瀏覽我們的平台。我們堅信人工智慧工具將改變投資者的遊戲規則。我建議大家都試試看。

Together, these product innovations and enhancements reflect our focus on empowering our users from around the world to trade, invest, save and spend in a way that suits their needs. We feel great about our product development velocity that's been accelerated by AI and the business result it is driving. Looking ahead, I'm excited about the opportunities in front of us, and we are well positioned to execute on our growth initiatives to drive sustainable long-term growth. With that, I will pass the call to Meron to discuss our financial results for the quarter.

總的來說，這些產品創新和改進反映了我們致力於讓世界各地的用戶能夠以適合他們需求的方式進行交易、投資、儲蓄和消費。我們對人工智慧加速的產品開發速度及其推動的業務成果感到非常滿意。展望未來，我對我們面前的機會感到興奮，我們已做好準備，執行我們的成長計劃，推動可持續的長期成長。說完這些，我將把電話轉給梅隆，討論我們本季的財務表現。

Thank you, Yoni. Before we begin with an overview of this quarter's financial results, I would like to share some insights on eToro's financial philosophy. Our philosophy is focus on sustainable, profitable revenue growth, which is supported by three pillars. First, diversification of revenue streams to complement transaction-based revenue, with a focus on growth in asset-based revenues, expansion of our eToro Money offering and the introduction of new revenue streams. Second, strategic investment to support growth in funded accounts and increase our share of the user's wallet, as we focus on product innovation, organic and inorganic growth and a dynamic approach to sales and marketing operations.

謝謝你，Yoni。在我們開始概述本季度的財務表現之前，我想分享一些關於 eToro 財務理念的見解。我們的理念是專注於可持續的、有利可圖的收入成長，並由三大支柱支撐。首先，實現收入來源多樣化，以補充基於交易的收入，重點關注基於資產的收入成長、擴大我們的 eToro Money 產品供應以及引入新的收入來源。其次，我們進行策略性投資，以支持資金帳戶的成長並增加我們在用戶錢包中的份額，因為我們專注於產品創新、有機和無機成長以及銷售和行銷營運的動態方法。

And third, disciplined cost management with a focus on streamlining operations, optimizing costs and improving efficiency across the organization, using technology, including leveraging AI by automating routine tasks optimizing resource allocation and enabling faster data-driven decision-making.

第三，嚴格的成本管理，重點是精簡營運、優化成本和提高整個組織的效率，利用技術，包括利用人工智慧自動執行日常任務，優化資源分配，並實現更快的數據驅動決策。

We believe this financial philosophy will deliver best-in-class financial results and an increase in shareholder value. Now turning to the quarter results. As Yoni mentioned, we are very pleased with our second quarter results, our first full quarter as a public company. Second quarter net contribution grew 26% year over year to $210 million and adjusted EBITDA grew 31% year over year to $72 million.

我們相信，這項財務理念將帶來一流的財務表現並提高股東價值。現在來談談季度業績。正如 Yoni 所提到的，我們對第二季的業績非常滿意，這是我們作為上市公司的第一個完整季度。第二季淨貢獻年增 26% 至 2.1 億美元，調整後 EBITDA 較去年同期成長 31% 至 7,200 萬美元。

In line with our focus on diversified profitable revenue growth, our adjusted EBITDA margin was 34%, expanding 140 basis points from a year ago. As our first quarter momentum continued into the second quarter, AUA for the quarter increased 54% year over year to $7.5 billion, while our funded accounts grew 14% year over year to $3.63 million.

根據我們對多元化獲利收入成長的關注，我們的調整後 EBITDA 利潤率為 34%，比去年同期擴大了 140 個基點。隨著我們第一季的動能延續到第二季​​度，本季的 AUA 年增 54%，達到 75 億美元，而我們的實收帳戶年增 14%，達到 363 萬美元。

The growth was driven by customer acquisition efforts, supported by strong customer retention. Let's take a closer look at our second quarter financials by segment compared to a year ago. Our net trading contribution from equities, commodities and currencies grew 37% year over year to $114 million as invested amount per trade grew 54% year over year due to elevated levels of trading activity in the capital markets during the quarter, especially in the month of April.

這一成長主要得益於客戶獲取努力以及強大的客戶保留率。讓我們仔細看看我們第二季度各部門的財務狀況，與去年同期相比。由於本季（尤其是 4 月）資本市場交易活動水準提高，每筆交易的投資金額年增 54%，因此，股票、大宗商品和貨幣的淨交易貢獻年增 37%，達到 1.14 億美元。

Our net contribution from crypto grew 34% year over year to $27 million and was largely driven by higher invested amount per trade, partially offset by lower crypto activity, in line with the overall market. Interest-earning assets contributed $46 million or up 1% year over year, largely driven by higher interest-earning assets that was partially offset by lower interest rates.

我們從加密貨幣中獲得的淨貢獻年增 34%，達到 2,700 萬美元，這主要是由於每筆交易的投資金額增加，但部分被較低的加密貨幣活動所抵消，與整體市場保持一致。生息資產貢獻了 4,600 萬美元，年增 1%，這主要是由於生息資產增加，但部分被較低的利率所抵消。

Our eToro Money contribution grew 17% year over year to $18 million, largely driven by an increase in total money transfers. In the second quarter, adjusted OpEx was $138 million, our adjusted selling and marketing expense was $51 million or 24% of net contribution. Our business model provides us flexibility in our selling and marketing expenses, where approximately 70% of our expense is dynamic.

我們的 eToro Money 貢獻年增 17%，達到 1800 萬美元，這主要得益於總匯款額的增加。第二季度，調整後的營運支出為 1.38 億美元，調整後的銷售和行銷費用為 5,100 萬美元，佔淨貢獻的 24%。我們的商業模式為我們的銷售和行銷費用提供了靈活性，其中約 70% 的費用是動態的。

Our historical performance has proven that our marketing expense has consistently returned positive ROI within the first year of the investment and sustained commission growth over time. Adjusted R&D and G&A expenses were $36 million and $51 million, respectively. Our adjusted EPS for the quarter was $0.56 compared to $0.51 in the second quarter of 2024. Moving to our balance sheet. We ended the quarter with $1.2 billion in cash, cash equivalents and short-term investment.

我們的歷史業績證明，我們的行銷費用在投資的第一年內始終保持正的投資回報率，並且隨著時間的推移佣金持續增長。調整後的研發和一般及行政費用分別為 3,600 萬美元和 5,100 萬美元。本季調整後的每股收益為 0.56 美元，而 2024 年第二季為 0.51 美元。前往我們的資產負債表。本季末，我們擁有 12 億美元的現金、現金等價物和短期投資。

And for the quarter, we generated $61 million in free cash flow from operations. During the quarter, we also announced a new credit facility of $250 million to increase liquidity optionality. Now let me make some comments on the third quarter trends. Through the first month of the quarter, crypto activity has been higher than second quarter levels, while capital markets activity has returned to a more normalized level following the elevated levels of the second quarter. We are very pleased with the first quarterly financial results as a public company.

本季度，我們從營運中產生了 6,100 萬美元的自由現金流。本季度，我們還宣布了一項 2.5 億美元的新信貸額度，以增加流動性可選性。現在，我對第三季的趨勢發表一些評論。本季第一個月，加密貨幣活動一直高於第二季的水平，而資本市場活動在第二季的高位之後已恢復到更正常的水平。作為一家上市公司，我們對第一季的財務表現感到非常滿意。

This sets the foundation for future growth as we focus on increasing shareholder value. With that, Daniel, let's move to Q&A.

這為我們專注於提高股東價值的未來成長奠定了基礎。丹尼爾，讓我們進入問答環節。

Thank you, Meron. So okay, the first question in our Q&A session today comes from a list of questions that have been pre-submitted by our retail investor community. So Yoni, this question is for you. When does eToro plan to provide calls and puts options to European investors?

謝謝你，梅隆。好的，今天我們問答環節的第一個問題來自我們的散戶社區預先提交的一系列問題。所以 Yoni，這個問題是問你的。eToro 計劃何時向歐洲投資者提供看漲期權和看跌期權？

Thank you, Daniel. Our product rollout strategy is to continuously launch the products where we see the highest potential product market fit and revenue opportunities for eToro. With options, for example, we started in the US, we expanded into the UK, and we plan to expand over the next 12 months also to Europe, UAE, Singapore and Australia. The same with futures that we recently launched in Europe and continue to expand it across the globe and with all of our products across the globe eventually offer to our customers in all of our regulated regions.

謝謝你，丹尼爾。我們的產品推廣策略是不斷推出我們認為對 eToro 來說最具潛力的產品市場契合度和收入機會的產品。例如，我們從美國開始，擴展到英國，並計劃在未來 12 個月內擴展到歐洲、阿聯酋、新加坡和澳洲。與我們最近在歐洲推出的期貨一樣，我們將繼續在全球擴展，並最終將我們在全球範圍內的所有產品提供給所有受監管地區的客戶。

Thank you, Yoni. So operator, we'll now open it up to questions from our institutional analysts. Can you provide instructions.

謝謝你，Yoni。操作員，我們現在開始回答機構分析師的問題。能提供說明嗎？

(Operator Instructions) Dan Fannon, Jefferies.

（操作員指示）丹‧範農 (Dan Fannon)，傑富瑞 (Jefferies)。

Thanks. Good morning. I was hoping you guys could expand a bit upon just the cadence throughout the quarter since we don't get monthlies. I was hoping just to get a little more color. Obviously, April quite active from a macro perspective. So if you could talk to the change in environment as the quarter progressed? And then maybe expand a bit more upon July in terms of how that contradicts versus what we saw in the first quarter. Thanks.

謝謝。早安.我希望你們能夠稍微擴展一下整個季度的節奏，因為我們沒有月度數據。我只是希望能得到更多一點的色彩。顯然，從宏觀角度來看，四月相當活躍。那麼，您能談談本季進展過程中環境的變化嗎？然後，我們再進一步闡述 7 月的情況，看看它與我們第一季看到的情況有何矛盾。謝謝。

Sure. I'll let Meron answer that.

當然。我請梅隆來回答這個問題。

So obviously, as we saw with the market following the tariff announcement in April, we saw elevated trading activity of our customers on the platform. We saw invested amount growing per trade of 54%. We saw invested demand growing in general. And the Q2 revenue per trade also growing 54%. So pretty much aligned with the invested amount.

顯然，正如我們在 4 月關稅公告發布後看到的市場情況一樣，我們看到平台上客戶的交易活動增加。我們發現每筆交易的投資金額增加了 54%。我們看到投資需求整體成長。第二季每筆交易的營收也成長了54%。因此與投資金額基本一致。

What we saw is that those numbers normalize throughout July, as we moved from the spike in April and normalized towards the end of the second quarter as well. When you talk about crypto, we saw lower levels in the second quarter -- normalized also with the market and also taken into consideration the fact that our customers were actively trading on the capital markets, they diverted from trading on crypto. When we come to July, what we see on the crypto side is that customers following the outgoing Altcoin rally as well, they moved to a higher pace of trading than quarter two.

我們看到，這些數字在整個 7 月都趨於正常，因為我們從 4 月的高峰開始走高，並且在第二季末也趨於正常。當您談到加密貨幣時，我們在第二季度看到了較低的水平 - 也隨著市場正常化，並考慮到我們的客戶在資本市場上積極交易的事實，他們不再進行加密貨幣交易。到了 7 月份，我們在加密貨幣方面看到的是，客戶也追隨山寨幣的上漲趨勢，他們的交易速度比第二季更快。

(Operator Instructions) Devin Ryan, Citizens.

（操作員指示）Devin Ryan，公民。

Great, good morning everyone. A question to start here just on kind of digging into the opportunity on the back of the launch of the tokenized stocks recently. And as we think about all the other types of assets that are going to come on chain over time, it would be great to just double-click into how you would quantify the revenue opportunity for eToro.

太好了，大家早安。這裡首先要問的一個問題是，如何挖掘最近推出代幣化股票所帶來的機會。當我們考慮隨著時間的推移將要上鍊的所有其他類型的資產時，只需雙擊了解如何量化 eToro 的收入機會就很好了。

How fast do you think other asset classes are going to move on chain, assets that are currently not available to eToro's customers? And then just the overall kind of bigger picture opportunity for this long-term because it seems like right now, it's stocked but a lot of other assets that are currently not available to eToro customers will be available. So I'd love to dig into that. Thank you.

您認為其他資產類別在鏈上的移動速度會有多快，而這些資產目前還無法為 eToro 的客戶所用？然後只是從長期來看的整體更大機會，因為現在看來，它已經儲備了足夠的資產，但目前 eToro 客戶無法獲得的許多其他資產也將可用。所以我很想深入研究這個問題。謝謝。

Sure. So we've been very early on for the concept of tokenizing real-world assets starting with the white paper of colored coins that we wrote together with Vitalik Buterin in 2012. We believe that the digitization and tokenization of assets is a very significant process that will take time, but we do expect $100 trillion of assets over the next 20 years to move on chain, now quoting the SEC Chairman talking about moving US capital markets on chain. The biggest potential revenue opportunities there are, one, increasing the number of assets on eToro.

當然。因此，我們很早就開始考慮將現實世界的資產代幣化的概念，從 2012 年我們與 Vitalik Buterin 共同撰寫的彩色硬幣白皮書開始。我們認為資產的數位化和標記化是一個非常重要的過程，需要時間，但我們確實預計未來 20 年內將有 100 兆美元的資產轉移到鏈上，現在引用美國證券交易委員會主席談論將美國資本市場轉移到鏈上。最大的潛在收入機會是，一是增加 eToro 上的資產數量。

We already support stocks from 22 different capital markets as tokenization happens across stock markets, bond markets, potentially real estate, people are talking about private shares. And I do believe we'll see that significantly scaling up over the next sort of midterm of the next three years. Everybody are waiting, and we're waiting for regulatory clarity.

我們已經支持來自 22 個不同資本市場的股票，因為代幣化發生在股票市場、債券市場、潛在的房地產市場，人們正在談論私人股票。我確實相信，在未來三年的中期選舉中，我們會看到這一規模顯著擴大。每個人都在等待，我們也在等待監管的明確性。

So it was very hard to think of tokenizing real-world assets and securities without clarity on regulation with MiCA regulation now in Europe, that's a possibility, and we're talking to many participants in the market about various opportunities of tokenizing assets, as you probably have seen also the largest asset managers in the world are all involved in how can they tokenize their potential funds and products and then obviously list it on platforms like eToro to introduce them to retail investors. So we do see a very large opportunity, both in scaling up the investment universe in eToro over time as well as opening all those assets to 24/7 trading.

因此，如果在歐洲 MiCA 法規尚未明確的情況下，很難想像對現實世界的資產和證券進行代幣化，但這是一種可能性，我們正在與市場上的許多參與者討論對資產進行代幣化的各種機會，正如您可能已經看到的，世界上最大的資產管理公司都參與其中，如何將其潛在基金和產品代幣化，然後將其列在 eToro 等平台上。因此，我們確實看到了一個巨大的機會，既可以隨著時間的推移擴大 eToro 的投資範圍，也可以將所有這些資產開放給全天候交易。

So we just recently launched both 24/5 trading and futures, which trade almost 24/5 and we do believe that by tokenizing assets, that will expand also liquidity over the weekend and will eventually enable customers to both transfer assets, 24/7, like crypto assets are transferable 24/7 and to actually trade on assets 24/7 continuously.

因此，我們最近推出了 24/5 交易和期貨，幾乎 24/5 進行交易，我們確實相信，透過對資產進行代幣化，這也將擴大週末的流動性，並最終使客戶能夠全天候轉移資產，就像加密資產可以全天候轉移一樣，並且實際上可以全天候連續交易資產。

That's a great caller thank you.

您打來的電話太棒了，謝謝。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Great, thank you very much. Just maybe a couple of questions embedded. So first question would be, could you give us an update on any progress, you're making for a CopyTrader opportunity into the US? And then secondly, just given all of the growth vectors in front of you, including what you laid out on the global webinar, how should we be thinking about marketing spend either in an absolute sense or as a percentage of contribution. Thank you.

太好了，非常感謝。可能只是嵌入了幾個問題。所以第一個問題是，您能否向我們介紹一下您在美國開展 CopyTrader 業務的進展？其次，考慮到您面前的所有成長向量，包括您在全球網路研討會上列出的內容，我們應該如何從絕對意義上或貢獻百分比來考慮行銷支出。謝謝。

Sure. So I'll take the first question or maybe you can start actually with the second question, and I'll jump to the first question.

當然。因此我將回答第一個問題，或者您也可以從第二個問題開始，然後我將直接回答第一個問題。

Sure. So when we think about marketing spend, we think about it as a percentage of net contribution, and we are normally around the 20% mark of net contribution investing into the growth coming out of new acquired customers.

當然。因此，當我們考慮行銷支出時，我們將其視為淨貢獻的百分比，我們通常將約 20% 的淨貢獻投資於新客戶帶來的成長。

Yes. Can you repeat again the first question just for clarity.

是的。為了清楚起見，您能否再重複一次第一個問題？

Yes, if you could just give us an update on any progress you're making on introducing CopyTrader into the US

是的，請問您能否向我們介紹一下在美國引進 CopyTrader 的最新進展？

So as we announced, we've been able to significantly scale the number of assets on the platform from three crypto assets for US customers to now 100 crypto assets in the US We are also planning to introduce staking soon with clarity from US regulators across staking, and we plan to launch a CopyTrader for US customers on crypto and stocks later this year.

因此，正如我們宣布的那樣，我們已經能夠將平台上的資產數量從針對美國客戶的 3 種加密資產大幅擴展到現在的 100 種美國加密資產。我們也計劃在美國監管機構明確的情況下盡快推出質押服務，並且我們計劃在今年稍後為美國客戶推出針對加密貨幣和股票的 CopyTrader。

(Operator Instructions) Chris Allen, Citi.

（操作員指示）花旗銀行的克里斯艾倫 (Chris Allen)。

Yeah, morning everyone. I wanted to ask about account growth dynamics from about 8% year-to-date. Maybe you can give us a color on regional account growth, where you're seeing the fastest growth and best opportunities here.

嗯，大家早安。我想詢問今年迄今為止的帳戶成長動態，大約是 8%。也許您可以為我們介紹一下區域帳戶的成長情況，您認為這裡成長最快，機會也最好。

So we manage that growth on a global scale. We see some growing regions for us, like we launched a couple of years back in UAE, and we see growth coming from there. But altogether, we see the growth coming from a very, call it, a balanced across the different regions that we are managing. There's no significant player in the regions that is significantly higher or lower than any of the others.

因此，我們在全球範圍內管理這一成長。我們看到了一些正在成長的地區，例如幾年前我們在阿聯酋推出的產品，我們看到成長來自那裡。但總體而言，我們看到成長來自於我們所管理的不同地區的非常均衡的成長。各地區沒有哪個重要參與者的表現明顯高於或低於其他參與者。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Hi, thanks for taking my question. So my question is a simple one on growth. Funded account growth was 1.4% quarter over quarter. I'm wondering, is this a good go-forward organic run rate? Were there any unusual factors in the quarter, especially given that sharp correction we had in April. And I know M&A has aided your account growth rate historically, but I wanted your perspective on the organic trend. Thank you.

你好，謝謝你回答我的問題。我的問題很簡單，是關於成長的。實收帳戶季增 1.4%。我想知道，這是一個良好的未來有機運行率嗎？本季是否有任何異常因素，特別是考慮到 4 月的大幅調整。我知道從歷史上看，併購有助於提高您的帳戶成長率，但我想了解您對有機趨勢的看法。謝謝。

Thank you. So we have proven in the last few years that we are able to grow our funded accounts on a double digits on a yearly basis. We did see a slower quarter in terms of the growth. However, I could definitely say that we see a better quality of customers, loading to the platform. They bring more share of their wallet onto the platform.

謝謝。因此，我們在過去幾年中已經證明，我們能夠每年以兩位數的速度成長我們的資金帳戶。我們確實看到本季的成長有所放緩。然而，我可以肯定地說，我們看到使用該平台的客戶品質有所提高。他們將更多的錢包份額投入到該平台上。

And we could also note about the average account size that grew 34% year on year, thanks to customers loading more of their share of the wallet as well, as well as market gains that they got. And also to say that in terms of marketing, as I mentioned before, we manage it as a percentage of net contribution, but we also manage it to bring the best quality.

我們還可以注意到，平均帳戶規模同比增長了 34%，這要歸功於客戶增加了錢包份額，以及他們獲得的市場收益。另外，就行銷而言，正如我之前提到的，我們將其作為淨貢獻的百分比進行管理，但我們也會對其進行管理以帶來最佳品質。

So we have the ability to be very flexible in how we invest. 70% of the investment is dynamic, so we could upscale and low scale as we see right coming out of the results, we are very comfortable about our ability to continue and deliver growth and continue to deliver great ROI returning the investment within the first year and growing over time.

因此，我們有能力非常靈活地進行投資。 70％的投資是動態的，因此我們可以根據結果進行擴大或縮小規模，我們對繼續實現增長的能力感到非常有信心，並繼續提供巨大的投資回報率，在第一年內收回投資並隨著時間的推移而增長。

When we come to growth of the funded accounts also in the future, we are seeing good numbers coming out of rolling out more products that serves as a good product market fit, as Yoni mentioned, that will drive not only better engagement of existing customers but also drive more growth of funded accounts.

當我們談到未來資金帳戶的成長時，我們會看到推出更多產品會帶來不錯的業績，這些產品能夠很好地契合產品市場，正如 Yoni 所提到的那樣，這不僅會推動現有客戶更好地參與，還會推動資金帳戶的成長。

Thank you.

謝謝。

(Operator Instructions) James Yaro, Goldman Sachs.

（操作員指示）高盛的詹姆斯·亞羅。

Hey, good morning and thanks for taking the questions. I just wanted to touch quickly on the net contribution per trade across both ECC as well as crypto. I think on the ECC side, it was up about 25% sequentially and crypto was up about 30%. Could you maybe just talk a little bit about the drivers of that and perhaps the outlook for take rates going forward?

嘿，早上好，感謝您回答問題。我只是想快速談談 ECC 和加密貨幣每筆交易的淨貢獻。我認為 ECC 方面，其環比上漲了約 25%，而加密貨幣上漲了約 30%。您能否簡單談談造成這現象的因素以及未來利率的前景？

Thank you. Thank you. So the main correlation that we see, and we quoted also on the percentage is the growth of the invested amount per trade that grew 54% year over year and 20-plus percent also sequentially. So this is more or less aligned on the ECC side of how we see that the invested amount has elevated also the revenue per trade. We did launch introduce ticket fees outside of the US and UK, and that increased the invested amount and reduce some smaller transactions.

謝謝。謝謝。因此，我們看到的主要相關性以及我們在百分比上引用的相關性是每筆交易的投資金額同比增長 54%，環比增長 20% 以上。因此，這或多或少與 ECC 方面一致，我們認為投資金額也提高了每筆交易的收入。我們確實在美國和英國以外地區推出了門票費用，這增加了投資金額並減少了一些較小的交易。

So there's some balancing of -- slightly reduced number of trades but comes with higher invested amount per trade. When we look into crypto, this is touched immediately to the invested amount per trade as we charge on a percentage basis. We saw slightly better ability to internalize our volume also in the second quarter, which resulted with slightly uptick in terms of the revenue per trade, but altogether, the growth of the invested amount is what drives the majority of that trend. Thanks so much.

因此存在一些平衡——交易數量略有減少，但每筆交易的投資金額較高。當我們研究加密貨幣時，這會立即影響到每筆交易的投資金額，因為我們會按百分比收費。我們在第二季也看到了內部化交易量的能力略有提高，這導致每筆交易的收入略有上升，但總的來說，投資金額的成長才是推動這一趨勢的主要因素。非常感謝。

(Operator Instructions) Brian Vieten, Needham.

（操作員指示） Brian Vieten，尼德姆。

Great thanks guys. With the new licensing in hand, can you talk about the glide path for new funded accounts growth in the APAC region more near term and then aspirationally. And then just on that, can you talk about the geographic composition of the 40 million registered users. Is that in line with the funded accounts proportionally? Thanks.

非常感謝大家。有了新的許可證，您能否談談亞太地區新資金帳戶成長的近期和遠景規劃？那麼，您能否談談這 4000 萬註冊用戶的地理組成？這與實金帳戶的比例一致嗎？謝謝。

So historically, there is a proportion between the total registered users or funded accounts. It's worth noting that the total registered users is in a cumulative number since 2007. So it includes basically everybody who registered since then, not only the monthly active users of the virtual accounts and in our more mature growth markets, Europe, UK.

因此從歷史上看，註冊用戶總數或資金帳戶總數之間存在一個比例。值得注意的是，註冊用戶總數是自2007年以來的累積數量。因此，它基本上包括了從那時起註冊的所有人，不僅包括虛擬帳戶的每月活躍用戶，還包括我們更成熟的成長市場，歐洲、英國。

Australia, we are seeing obviously higher conversion rates than basically cross-border markets where we might see a lot of registrations that don't necessarily convert into funded accounts. When we think of our growth opportunities, we definitely think that both Asia now through Singapore and the US represents significant opportunities to grow as a percentage of the business over time.

在澳大利亞，我們看到的轉換率明顯高於跨境市場，在跨境市場，我們可能會看到很多註冊不一定會轉化為資金帳戶。當我們考慮我們的成長機會時，我們肯定認為現在透過新加坡和美國進入亞洲都代表著隨著時間的推移業務比例增長的重要機會。

Right now, UK and Europe represents roughly 65% with Australia being a part of, of course, our strategy in Asia. But as we doubled down on our high potential growth markets, Asia, Latin America and of course, the US, we do believe represents a higher potential growth over the next couple of years.

目前，英國和歐洲約佔 65%，當然，澳洲也是我們亞洲戰略的一部分。但隨著我們加倍投資於具有高潛力的成長市場，亞洲、拉丁美洲，當然還有美國，我們確實相信未來幾年將會出現更高的潛在成長。

(Operator Instructions) Joseph Vafi, Canaccord.

（操作員指示）Joseph Vafi，Canaccord。

Congrats here on your first public earnings quarter. Just thought maybe we drill down a little bit more on the US strategy now with more cryptos available, and it sounds like the platform is a little more robust. And with CopyTrader potentially coming, just how should we think about marketing spend in the US moving forward versus where it's been and maybe an update if perhaps M&A still makes sense in the US to kind of grow the platform materially here over the short term? Thank you.

恭喜您首次公佈公開收益季度。只是想，也許我們現在可以更深入地研究美國戰略，因為現在有更多的加密貨幣可用，而且聽起來這個平台更強大。隨著 CopyTrader 的可能到來，我們該如何看待未來在美國的行銷支出與以往相比的變化？以及，如果在美國進行併購是否仍然有意義，從而在短期內實現平台的實質成長？謝謝。

Sure. So as we've said during our road show, during the sort of pre-IPO era in the last administration, we took a step back from our growth strategy in the US since the IPO, and obviously, very excited to see the new administration and SEC share talking about innovation in public markets and tokenization and getting capital markets on chain, which we believe we're positioned in a very good place to take part of that opportunity in the US So we'll continue to expand all of our products right now. I'd say about only 50% of our products that are operating globally or offered in the US.

當然。因此，正如我們在路演中所說的那樣，在上屆政府的 IPO 前時期，我們在美國 IPO 以來的增長戰略上後退了一步，顯然，我們非常高興看到新政府和美國證券交易委員會談論公開市場的創新和代幣化以及將資本市場鏈上化，我們相信我們處於非常有利的位置，可以抓住美國這一機遇，因此我們現在將繼續擴展我們的所有產品。我想說，我們的產品只有大約 50% 在全球運作或在美國銷售。

We do plan to aggressively, basically pursue and drive all of our product expansion into the US in the next 12 to 18 months, including CopyTrader and looking at all of the additional global products that we have. And as we expand and add new products, we expect to see higher lifetime value, higher -- obviously, product market fit, which means more organic growth. And on top of that, we'll scale marketing budget as well. So we are looking to invest more in the US.

我們確實計劃在未來 12 到 18 個月內積極推動所有產品向美國擴張，包括 CopyTrader 以及我們擁有的所有其他全球產品。隨著我們擴大規模並增加新產品，我們預計會看到更高的終身價值，更高的——顯然，產品市場契合度，這意味著更多的有機成長。除此之外，我們還將擴大行銷預算。因此，我們希望在美國進行更多投資。

market, and we're looking to do this in a disciplined approach where we're looking at the investments part of the revenue potential and existing revenues in the US. We are looking and are opportunistic about M&A opportunities in the US. We believe there's a huge opportunity right now of many great fintech companies that have a great product and team in the US but are subscale to be independent. And we are also there thinking of doing this, obviously, in a disciplined approach looking at basically how this adds to the total KPIs and the growth opportunities in the US.

市場，我們希望以嚴謹的方式做到這一點，我們正在研究美國收入潛力和現有收入的投資部分。我們正在尋找並抓住美國的併購機會。我們相信，目前有許多優秀的金融科技公司在美國擁有優秀的產品和團隊，但規模不夠大，無法獨立發展，因此存在著巨大的機會。顯然，我們也在考慮採取這種嚴謹的方法，主要研究這將如何增加整體 KPI 和美國的成長機會。

Great, thanks very much, John.

太好了，非常感謝，約翰。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Hi, thanks for taking my questions. Maybe just more broadly on kind of crypto trends during the quarter. Volume kind of declined, I would say, much more than global spot volumes. So anything to read to from that? And then as a follow-up on crypto in the US meaningfully expanded the number of assets available to trade for US users. Can you talk about the initial kind of uptake you're seeing as you broaden the US breadth there?

你好，謝謝你回答我的問題。也許只是更廣泛地了解本季的加密趨勢。我想說的是，交易量的下降幅度遠超過全球現貨量的下降幅度。那麼從中可以讀出什麼嗎？然後，作為美國加密貨幣的後續行動，有意義地擴大了美國用戶可供交易的資產數量。您能否談談在擴大美國業務範圍後所看到的初步成長情況？

Sure. So as Meron mentioned before, as a platform, which is actually quite uniquely positioned where if you look at the assets of our customers, roughly 50%, 50% stocks and crypto since we've been early into both. When we see exciting markets and capital markets as we've seen in April, we do see a transition of our active traders who are actively trading both crypto and stocks as they transition other accounts within Q1.

當然。正如 Meron 之前提到的，作為一個平台，它實際上處於相當獨特的地位，如果你看看我們客戶的資產，大約 50%，50% 是股票和加密貨幣，因為我們很早就涉足了這兩方面。當我們看到令人興奮的市場和資本市場（正如我們在四月份看到的那樣）時，我們確實看到了活躍交易者的轉變，他們在第一季轉換其他帳戶時積極交易加密貨幣和股票。

We've actually seen our customers excited about European markets and the European defense stocks or that was the version of meme stocks in April, we saw a lot of our retail investors actually buying the deep, actually participate in capital markets, buying stocks that sometimes are related to crypto markets like NVIDIA and Tesla and others.

我們實際上已經看到我們的客戶對歐洲市場和歐洲國防股票或 4 月份的模因股票版本感到興奮，我們看到很多散戶投資者實際上在買入深度股票，實際上參與資本市場，購買有時與加密市場相關的股票，如 NVIDIA 和特斯拉等。

So we did see that cycle of increased basically capital markets versus crypto, obviously, coming to July, where we saw all-time high, not only in Bitcoin, but also a significant scale up in a lot of Altcoin activity generally.

因此，我們確實看到了資本市場與加密貨幣之間基本上呈上升趨勢的周期，顯然，到了 7 月份，我們看到了歷史最高水平，不僅是比特幣，而且許多山寨幣活動也普遍顯著增加。

Since the IPO, just under roughly three months, we've managed to add a significant amount of crypto assets now 100 crypto assets actually reaching this week, and we have seen significant growth to our US business, in the US after those additions, obviously also driven by very good crypto markets environment in July.

自 IPO 以來，大約不到三個月的時間，我們成功增加了大量的加密資產，本週實際上已經達到了 100 種加密資產，並且我們的美國業務在這些增加之後在美國實現了顯著增長，這顯然也受到 7 月份非常好的加密市場環境的推動。

Matthew O'Neill, FT Partners.

馬修·奧尼爾（Matthew O'Neill），FT Partners。

Yeah, hi, thanks for taking my question and share the congrats to the public markets that others have mentioned. I was just curious, how you guys are seeing your users utilizing stable claims. I feel like there's probably some interesting insights given the geographic diversity of your user base and would just love to kind of hear some anecdotes around that.

是的，嗨，感謝您回答我的問題，並分享其他人提到的對公開市場的祝賀。我只是好奇，你們如何看待用戶利用穩定索賠。我覺得考慮到您的用戶群的地理多樣性，可能會有一些有趣的見解，我很想聽聽一些與此相關的軼事。

And then separately, I know it was asked, but maybe you could just dig a tiny bit deeper into the increase in the take rate on crypto. Was that driven by the kind of outsized activity we saw in April, mix shift, pricing dynamics, would just be helpful to kind of understand the drivers there. Thanks so much.

然後另外，我知道有人問過這個問題，但也許你可以更深入地挖掘加密貨幣接受率的增加。這是由我們在四月看到的超大規模活動、組合轉變和定價動態所驅動的嗎？這是否有助於理解其中的驅動因素？非常感謝。

Sure. So first of all, regarding the crypto take rate, then we charge 100 basis points. We actually recently launched also crypto fees that are separated from the spread, improving significantly both transparency of fees and understanding of users. Anything to add to that, Meron?

當然。首先，關於加密貨幣的收取率，我們收取 100 個基點。實際上，我們最近也推出了與價差分開的加密費用，大大提高了費用的透明度和用戶的理解。還有什麼要補充的嗎，梅隆？

No. I think like we had a better ability to internalize some of the volumes. So that increased the take rate a bit in the second quarter, saying that this is still within the range that we offered in the history as well about our ability to enjoy this take rate.

不。我認為我們有更好的能力將一些內容內化。因此，第二季的接受率略有提高，這仍然在我們歷史上提供的範圍內，也表明我們有能力享受這一接受率。

Regarding stable coins, we just recently launched we're receiving the MiCA license in Europe, basically the ability to deposit crypto into eToro and then use crypto assets to buy stocks and invest in capital markets we're actually quite conservative in the past as there wasn't from our point of view, sufficient regulatory clarity. So we did notable customers to actually deposit stable coins or crypto into the eToro, into trading platform.

關於穩定幣，我們最近剛推出，我們正在獲得歐洲的 MiCA 許可證，基本上可以將加密貨幣存入 eToro，然後使用加密資產購買股票和投資資本市場，我們過去實際上相當保守，因為從我們的角度來看，監管不夠明確。因此，我們確實讓知名客戶將穩定的貨幣或加密貨幣存入 eToro 交易平台。

So with the new launch of enabling our customers across Europe, UK and expanding that to all of our global operations to now deposit crypto assets, including stable coins, we do believe this opens up a new user audience, which are the crypto-native user audience. So our platform originally is more capital markets rather than crypto.

因此，隨著新產品的推出，我們能夠讓歐洲、英國的客戶存入加密資產，包括穩定幣，並將其擴展到我們所有的全球業務，我們確實相信這將開闢一個新的用戶群體，即加密原生用戶群體。因此我們的平台最初更多的是資本市場而不是加密貨幣。

So we started before crypto and most of the activity on eToro historically was people funding their accounts, of course, with fiat money with either local currency in dollars and then trading crypto assets or stocks with it. Now as we double down on crypto as well, we're now enabling that crypto to fiat. And so we are talking to some of the stable coin issuers to understand the various opportunities of partnerships there as well.

因此，我們在加密貨幣出現之前就開始了，eToro 上的大部分活動歷史上都是人們用法定貨幣（當地貨幣為美元）為他們的帳戶注資，然後用它交易加密資產或股票。現在，隨著我們對加密貨幣的投入加倍，我們現在可以將加密貨幣轉換為法定貨幣。因此，我們正在與一些穩定幣發行商進行交流，以了解那裡的各種合作機會。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Hey guys, congratulations on a great first quarter with the public call. Really quick question on Tori. I've noticed that you're using that. Just wanted to ask a broader question about sort of AI use in investing for your funded accounts, and how they're perceiving it, how they're using it? And what are you seeing in the future, in terms of the use of Tori and AI for investing? Thank you.

嘿夥計們，祝賀你們第一季的公開電話會議取得了巨大的成功。關於 Tori 的一個簡短問題。我注意到你正在使用它。只是想問一個更廣泛的問題，關於人工智慧在投資您的基金帳戶中的應用，以及他們如何看待它，如何使用它？就 Tori 和 AI 在投資領域的應用而言，您認為未來會是什麼樣子？謝謝。

Sure. So first of all, I have to say I'm super excited about seeing the developments in AI, both from accelerating our ability to deliver products to making our organization more efficient. I myself now has an actual coding platform and writing things with AI on top of our APIs. We just recently launched a very exciting announcements are Tori, the AI analyst, which is able to actually just 30 minutes ago, I checked, what's the AI's view on eToro's quarterly financials. So immediately basically see what's happening in the markets, analyze them.

當然。首先，我必須說，我非常高興看到人工智慧的發展，它不僅加速了我們交付產品的能力，還提高了我們組織的效率。我自己現在有一個實際的編碼平台，並在我們的 API 上使用 AI 編寫東西。我們最近剛發布了一項非常令人興奮的公告，那就是人工智慧分析師 Tori，實際上就在 30 分鐘前，我檢查了人工智慧對 eToro 季度財務狀況的看法。因此，基本上可以立即了解市場正在發生的事情，並對其進行分析。

It's, by the way, a multi-model, so we can actually very easily switch in the back end, the different models. We already started testing with users GPT-5 as well as Gemini 2.5 and Grok, so very excited about the opportunities of -- on in investing. And we've launched our API that's powered by AI and the marketplace to enable actually our popular investors to actually build apps on top of the eToro platform. I think this brings us to a future where retail investors can actually become significantly more sophisticated with their tools. They can basically build quantitative strategies related also, of course, to the rise of digital assets and crypto assets and 24/7 trading, even myself.

順便說一下，它是一種多模型，所以我們實際上可以非常輕鬆地在後端切換不同的模型。我們已經開始與用戶 GPT-5 以及 Gemini 2.5 和 Grok 進行測試，因此對投資機會感到非常興奮。我們推出了由人工智慧和市場提供支援的 API，以便我們的熱門投資者能夠在 eToro 平台上建立應用程式。我認為這將引領我們走向一個未來，散戶投資者實際上可以更熟練地使用他們的工具。他們基本上可以建立與數位資產和加密資產的興起以及全天候交易相關的量化策略，甚至我自己也可以。

I've been passionate about capital markets trading, investing my entire life, but I never had a 24/7 AI agent trading in my account. So I have no doubt that these AI tools will help our customers both increase their velocity and engagement on the platform and become significantly more successful investors and more sophisticated investors with these tools at their hands. So this is, I think, still early days, but with a huge opportunity ahead of empowering retail investors with tools that just one or two years ago were really reserve just to the top quantitative hedge funds in the world.

我一直熱衷於資本市場交易，一生都在投資，但我的帳戶中從來沒有一個 24/7 的人工智慧代理商進行交易。因此，我毫不懷疑這些人工智慧工具將幫助我們的客戶提高他們在平台上的速度和參與度，並利用這些工具成為更成功的投資者和更成熟的投資者。因此，我認為現在還處於早期階段，但未來有巨大的機遇，可以為散戶投資者提供工具，而一兩年前，這些工具還只是全球頂級量化對沖基金的專屬。

Great stuff and congrats again.

很棒的東西，再次恭喜。

Thank you.

謝謝。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Great, thank you so much for taking the call. So my question is of the $114 million of net trading income from equities, commodities and currencies, I'm curious what was the percentage mix from CFD? And how has that mix been trending over the last year?

太好了，非常感謝您接聽電話。所以我的問題是，在來自股票、商品和貨幣的 1.14 億美元淨交易收入中，來自 CFD 的百分比是多少？去年這種組合的流行趨勢如何？

So as we mentioned before, we don't break it down really by the nature of the transaction, the type of the transaction, but we look into it more on a broader way of what is the asset class that is coming from. We offer both CFDs and futures on equities and commodities. So we don't really segregate the results by then. I think we mentioned in the past as well that we are aiming to get to a 20% mark within the 12, 18 months ahead. So that's still where we are aiming to get.

正如我們之前提到的，我們實際上不會根據交易的性質、交易的類型來細分它，而是從更廣泛的角度來研究它的資產類別。我們提供股票和商品的差價合約和期貨。因此到那時我們實際上不會對結果進行區分。我想我們過去也提到過，我們的目標是在未來 12 到 18 個月內達到 20% 的目標。所以這仍然是我們的目標。

Thank you.

謝謝。

Charles Bennett, Rothschild & Co Redburn.

查爾斯·貝內特，羅斯柴爾德雷德伯恩公司。

Hi there, Yoni and Meron. Thank you for taking my question. Just a follow-up, if I can, on the CopyTrader product in the US. Is there any update regarding licensing of US-based popular investors? Are there any regulatory teething issues there? Are you expecting this to roll out pretty seamlessly? Thanks.

大家好，Yoni 和 Meron。感謝您回答我的問題。如果可以的話，我只是想跟進一下美國的 CopyTrader 產品。關於美國熱門投資者許可有什麼最新消息嗎？那裡是否存在任何監管初期問題？您是否期望這一切能夠順利進行？謝謝。

We do expect, as I mentioned before, to roll it out this year as we also spoke during the road show that we believe that the CopyTrader technology could work and be translated into the US markets relatively easily, and we've basically made more of a risk decision and not to launch it prior to the IPO regarding Smart Portfolios, we are working towards an RIA license to be able to launch our RIA -- our Smart Portfolios, which are basically our own strategies that we developed 120 Smart Portfolios from our customers. Outside the US, we are seeing record high assets under Copy, so very excited about launching it later this year in the US. So that was the last question, operator?

正如我之前提到的，我們確實希望在今年推出它，正如我們在路演中所說的那樣，我們相信 CopyTrader 技術可以發揮作用並相對容易地轉化為美國市場，我們基本上做出了更多的風險決定，而不是在 IPO 之前推出它關於智能投資組合，我們正在努力獲得 RIA 許可證，以便能夠推出我們的 RIA——我們的智能組合我們自己的策略基本上是我們從客戶那裡推出了我們的 RIA——我們的智能組合我們基本上是我們的智能組合。在美國以外，我們看到 Copy 的資產規模創歷史新高，因此我們非常高興今年稍後能夠在美國推出這項服務。接線員，這是最後一個問題嗎？

Yes, sir. I'm showing no further questions at this time. Thanks.

是的，先生。我目前沒有其他問題。謝謝。

Thank you very much. So quickly closing remarks, as we close our first quarter earnings call as a public company, it's clear we are entering a new era for both eToro and in the investing world at large. The future of investing will be defined by AI-powered intelligence that can process data at unprecedented speed, uncover insights, hidden in plain sight and personalize the investing journey for every user. Editorial, we're harnessing these technologies to empower our community, enabling smarter decision market -- smarter decisions, more adaptive quantitative strategies and building their own apps now on top of eToro.

非常感謝。所以，當我們作為一家上市公司結束第一季財報電話會議時，很快我就結束了，很明顯，對於 eToro 和整個投資世界來說，我們正在進入一個新時代。投資的未來將由人工智慧定義，它可以以前所未有的速度處理數據，發現隱藏在顯而易見的地方的見解，並為每個用戶個性化投資之旅。編輯部，我們正在利用這些技術來增強我們的社區，實現更聰明的決策市場——更聰明的決策、更具適應性的量化策略，並在 eToro 之上建立自己的應用程式。

Alongside this transformation, the global financial landscape is embracing digital assets as a core pillar of diversified portfolios from bitcoin and crypto assets to tokenized real-world assets. The boundaries between traditional and digital markets are dissolving. eToro has set at this intersection since 2013, giving investors seamless access to both world with trust, simplicity and scale.

隨著這種轉變，全球金融格局正在將數位資產作為多元化投資組合的核心支柱，從比特幣和加密資產到代幣化的現實世界資產。傳統市場和數位市場之間的界線正在消失。 eToro 自 2013 年以來就立足於這個交匯點，讓投資者能夠以信任、簡單和規模的方式無縫訪問這兩個世界。

We believe the combination of AI-driven investing and the continued rise of digital assets will reshape wealth creation for the next generation and we are committed to leading this change not just as a platform but as a global community, where anyone can trade and invest in a simple and transparent way. This is just the beginning; the age of intelligent investing is here and eToro is ready to lead it. Thank you, Grok, for just writing this, and thank you all of us for joining us.

我們相信，人工智慧驅動的投資與數位資產的持續崛起相結合將重塑下一代的財富創造，我們致力於引領這一變革，不僅作為一個平台，而且作為一個全球社區，任何人都可以以簡單透明的方式進行交易和投資。這只是個開始；智慧投資時代已經到來，eToro 已準備好引領這一時代。謝謝 Grok 寫下這篇文章，也謝謝大家的加入我們。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。祝大家有個愉快的一天。