Israel-based cryptocurrency broker, eToro released their fourth quarter and full-year 2021 financial reports. The company saw a tremendous increase in return, registering a total commission of $304 million for the 2021 last quarter, an increase of 85% from the figure observed in the same quarter in 2020.
The company experienced this outsized revenue performance due to the heightened trading activity. This saw the company list 2.1 million new users representing a 31% increase compared to the last quarter of 2020, with 26.9 million registered members recorded by December 31, 2021.
Moreover, the net trading income also soared to $237 million, a 50% increase margin contrasted with the figure noted in 2020. This up stretch has been driven by strong growth in funded accounts and a rebound in trading activity in crypto-assets.
Yoni Assia, the CEO, and Co-Founder of eToro said, “eToro closed 2021 with a strong fourth quarter, generating over $300 million in total commissions. We are extremely proud of our accomplishments in 2021, some of which include growing the eToro network by more than 9 million registered users while more than doubling our funded accounts, adding over 900 Popular Investors and 10 new Smart Portfolios to our investment offering, hiring Lule Demmissie as our U.S. CEO, launching equities investing in the U.S., launching eToro Money in the U.K., and redesigning the eToro application to significantly improve the user experience. The retail investment landscape continues to evolve at a rapid pace, and we believe eToro is uniquely positioned to provide users with a simple and transparent way to access a broad array of global financial markets. We are very excited for what lies ahead for eToro and our users in the coming years.”
Further screening indicates the total operating expenses included a non-cash charge of $63 million in stock-based compensation for eToro employees. These expenses hugely contributed to a net loss of $84 million in the quarter.
EBITDA also was negative $24 million in the same quarter, caused by the Company’s investment growth, including marketing. Assets under administration were $10.7 billion as of December 31, 2021.
During Q4 2021, eToro launched equities investing to U.S users and eyes to bring more into this strategically important market. eToro looks forward to launching more products, with the most recent marketing scale in the U.S kicking off with a 30-second ad during Super Bowl in Feb 2022.
On December 30, 2021, eToro entered into an amendment agreement with FinTech Acquisition Corp. V to, among other things, extend the termination date of the merger agreement through June 30, 2022.
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