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Performance was driven by the platform's multi-asset diversification, allowing users to seamlessly rotate capital from crypto and commodities into equities as market conditions shifted.

Management attributes the 18% year-over-year growth in funded accounts to increased marketing investment and improved user retention strategies.

The launch of the new AI-powered app and 'Tori' agent represents a strategic pivot toward proactive, personalized investing rather than reactive user search.

The acquisition of TradeZero is framed as a critical infrastructure play, providing eToro with proprietary broker-dealer capabilities and a faster path to launching advanced products in the U.S. and Canada.

Wealth management momentum was highlighted by a 15x year-over-year increase in AUM for savings products, validating the strategy to build a full-service financial super-app.

Management views AI, crypto, and social investing not as separate trends, but as a single evolution toward making global markets accessible through technology.

The TradeZero acquisition is expected to close in the first half of 2027 and is anticipated to be adjusted EPS-accretive in its first full year post-completion.

Management expects Q3 adjusted OpEx to be slightly higher than Q2, driven by continued investment in growth activities and R&D.

The U.S. strategy focuses on bringing global capabilities like leverage trading, shorting, and Smart Portfolios to the domestic market following the RIA license and TradeZero integration.

Future growth assumptions rely on the 'unlock' of new product funnels, specifically expanding the savings offering and launching prediction markets in the U.S.

Management remains bullish on the long-term cyclical recovery of crypto, citing the intersection of younger generation wealth transfers and the tokenization of real-world assets.

Crypto net contribution included a $2 million negative valuation impact related to corporate crypto holdings, reflecting market volatility.

July monthly KPIs showed a 5% year-over-year decline in Assets Under Administration (AUA), which management explicitly attributed to a decline in crypto pricing.

The company repurchased approximately 2.3 million shares for $87 million in Q2 as part of its ongoing capital allocation strategy.

The TradeZero deal includes a total consideration of up to $230 million in a mix of cash and stock, targeting a highly engaged active trader community.

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TradeZero provides essential U.S. infrastructure including self-clearing, shorting capabilities, and patents that are unique to their technology.

The deal allows eToro to attract a more sophisticated, active trader segment that requires professional-grade tools and APIs.

Early adoption is driven by a small group of sophisticated users trading in very high volumes compared to the average user.

The platform now supports autonomous trading via connectors for Grok and Claude, allowing AI agents to trade within user-defined risk parameters.

The RIA license is the key to launching Smart Portfolios in the U.S. during the second half of the year.

Management intends to build a marketplace where U.S. Pro Investors can eventually be compensated, similar to their global model.

Management noted a seasonal breather in July compounded by a correction in popular semiconductor stocks, but observed improvements in the first 10 days of August.

The decline in interest-earning assets in July was linked to customers scaling back their margin books during the market correction.