00:00Good to have you on the program.
00:02Trading activity on the platform, you have a real-time view on this.
00:06There are some echoes right now of 2021 meme stocks.
00:10What are you seeing?
00:11So what we're seeing actually is people that switched from crypto into commodities,
00:17so switched from sort of low vol, declining Q4 into Q1 crypto,
00:23into very exciting opportunities in metals and in oil and natural gas.
00:30So that's something that we've definitely seen a surge in commodities activity happening in eToro.
00:35Super aggressive, like the move?
00:37Was it very clear the amount?
00:39We were surprised how many people who originally joined eToro into crypto and to equities
00:44shifted to where the interest is, right, to where the volatility is.
00:50Days like today, right, where CPI is suddenly surprising people and stocks go down.
00:56It's like retail are consistently, by the way, for the past four or five years,
01:01are actually grabbing, in my view, a lot of the beta from institutions
01:05because institutions are immediately going, risk off, let's figure out what's happening here.
01:09And retail are like, hey, stocks are down 10%.
01:12Let's buy some of these stocks in better prices than yesterday.
01:16So, Yanni, on a day like today, I don't know if in real time how much you can share.
01:22I know today is going to be elevated trading engagement on eToro, on stocks.
01:28There's no question about it.
01:29That's what volatility does.
01:30It increases the interest of retail investors.
01:34They log in.
01:35They look at what's happening.
01:36They start analyzing.
01:37I think the next stage, both of growth for eToro, but generally in the entire retail investment industry,
01:44is where we have AI agents that are 24-7 looking at the markets, which are transitioning to 24-7,
01:52and actually looking at the markets and trading in users' accounts.
01:56So that's one of the recent launches we did.
01:58It's an agent portfolio.
01:59So you can take a part of your portfolio and say, take $5,000 out of my $50,000 portfolio,
02:05and now create an agent portfolio that tracks the movements in the markets, in the tech stocks,
02:13look at what's rising and falling, their EBITDA multiple, and trade based on that strategy.
02:19So essentially, you have a tool where you can use natural language to tell the agent.
02:25By the way, natural language, either with eToro's agent, which is Tori Agent, based on Grok 4.2.
02:31We talked about models before that.
02:33Or you go into Cursor, and we're connected there as an app.
02:38Or you go into CloudCode or your OpenClaw and do it there.
02:41So it's either bring your own agent or use eToro's.
02:43Are people using this?
02:44It's early days.
02:45We just launched it two or three weeks ago.
02:48We're seeing 50% week-over-week growth and already more than 500,000 trades done in agent portfolios.
02:56Why are you using so many different LLMs or different AI providers?
03:01So we've seen, I would say, November last year with an inflection point with Opus 4.5.
03:08Now we're at Opus 4.7.
03:10But what we've seen is actually…
03:11This is from Cloud.
03:12This is from Cloud.
03:13But when we, for example, evaled, which is checking how good the model is, it's looking at what's happening in
03:19the markets right now.
03:20Actually, ex-Grok was the best because it has all the real-time information.
03:25When we're looking at developer tools, Cursor is great.
03:28When we're looking at enterprise-level knowledge, OpenAI is great.
03:33So we've decided to enable eTorians to use all of the tools because what I'm seeing is I'm seeing people
03:41suddenly delivering a 10x.
03:43or 20x or even 50x at what they were able to deliver pre-AI.
03:49How many people on the platform are using AI tools or agentic AI?
03:53It's not something that we've yet to announce, but we have seen a tenfold increase in the usage of AI.
04:02From zero, basically?
04:03From employees, no, not from zero.
04:05Okay.
04:05We launched originally Toria, I think, about 18 months ago.
04:09Okay.
04:10But since we moved it to a frontier model to Grok, we've seen roughly 10x growth.
04:15Does it…
04:15So, okay.
04:16Talk to us about accounts.
04:18And obviously, there's accounts that grow because the market goes up or their investments go up.
04:23But talk to us about acquiring new people onto the platform.
04:26What kind of growth have you seen?
04:27So, we've seen a 12% year-over-year growth in funded accounts.
04:31And again, every time something happening that's interesting in the markets, we see elevated accounts growth as well as eToro.
04:38So, part of our marketing strategy, which is now being powered by AI, is finding those opportunities in the markets,
04:45then finding the right segments of customers that might be interested in what's happening in the markets and get that
04:51message to them,
04:52not only in eToro, but on Google or on X or on Tabula or on Meta.
04:57What about prediction markets?
05:00We are now…
05:02We've just recently announced the acquisition of Zengo, which is a new non-custodial wallet for eToro,
05:07which supports now thousands of new crypto assets for eTorians.
05:11It enables also DeFi solutions and prediction markets will be part of the DeFi solutions offered on Zengo.
05:18When will you offer prediction markets on the platform?
05:21So, we're now setting up the timeline.
05:23It's an acquisition that was announced and closed two weeks ago or last week.
05:27Yeah, we spoke about it on Bloomberg Crypto last week.
05:29So, we're very excited about that opportunity.
05:31And we are also in the process of registering our TreadFi business as futures trading, which allows prediction markets as
05:39well.
05:39Will you offer sports predictions on the platform?
05:42On the TreadFi part, probably we'll wait with sports and focus more on financials.
05:49So, we do believe that there's a lot of value of price formation, hedging opportunities in anything related to finance.
05:59I haven't checked the recent Polymarket on whether we beat earnings, for example, today.
06:04I'll check it out after the show.
06:06So, I do think there's…
06:07So, you do look at it?
06:08I do look at it.
06:10We have like our own interface.
06:11Yeah.
06:11Even now, an app on our app store enables you to actually look at the prediction markets.
06:16Crypto market just got about 25 seconds.
06:18How has that business changed?
06:19I mean, Bitcoin's down 36% from a high back in October, early October.
06:24Exuberance?
06:25No, I think what we're seeing…
06:26First of all, four-year cycles in Bitcoin.
06:28We've seen that before.
06:29We topped in October.
06:30Now, we're going down a bit.
06:32I think eventually it recovers, which is all-time high again.
06:34But I think a lot of the dialogue has shifted to capital markets moving on chain.
06:3924-7 is a great example of that.
06:41But you have all of the regulators in the U.S. also talking about capital markets moving on chain.
06:45They are indeed.
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