Yoni Assia, the CEO of eToro, recently joined CNBC’s Squawk Box to discuss the company’s Nasdaq IPO, a $50 million Bitcoin investment, and its vision for the future of fintech.
With over 130 crypto assets and a $5.5 billion valuation, eToro is positioning itself as a leader in the digital assets space, aiming to tap into the massive wealth shift expected from Gen Z, estimated at $140 trillion.
eToro’s story in the crypto world began long before Bitcoin reached its global prominence. In the early 2010s, the company made a daring move, purchasing Bitcoin at just $5 per coin.
By the time Bitcoin soared to $50,000, eToro’s treasury had made a significant profit. In a recent interview, Assia shared the behind-the-scenes story of how eToro’s early investment turned into a $50 million windfall.
However, the company’s board wasn’t always on board with the crypto venture. “Bitcoin was not part of our core business,” Assia recalled. Fearing the company might stray too far from its focus, the board made the decision to sell the Bitcoin at $50 million, despite its massive growth. With a sly grin, Assia jokingly hinted that he might’ve “fired” those cautious board members who were hesitant about the investment.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/etoro-ceo-reveals-how-5-bitcoin-bet-turned-into-50-million/