We bought Bitcoin at $5 and made a $50m profit

The CEO of Etoro, Yoni Assia, revealed that the company had bought Bitcoin at $ 5 and finally sold it for a profit of $ 50 million, marking one of the first bets of known institutional crypto.

Talk to CNBC after Etoro Start of Nasdaq, Assia common that the trading platform added Bitcoin (BTC) To its treasure in the early 2010s, long before the crypto reaches awareness of the dominant current.

“We were very early at the crypto,” said Assia. “I started buying Bitcoin at $ 5 for the Treasury of Etoro … $ 5 became $ 50,000 and finally $ 50 million before my board of directors told me that I had to sell it. This is not our business. “

While the company has since pivoted the traditional markets, with 75% of the income now linked to the shares, Assia said that Andoro always takes care of more than 130 cryptographic assets, reflecting the continuous interest of the platform in the sector.

Etoro’s approach to Bitcoin started long before large financial institutions were in space. Assia also noted that Ethereum (Ethn) The founder Vitalik Buterin once worked in the offices of Etoro before launching the Ethereum network.

Despite the transition to an income model more focused on actions – in part, by a dinner with Warren Buffett – Crypto still represents a quarter of Etoro affairs.

“No one doubts that the crypto is there to stay,” said Assia.

Building mode

Etoro public debut On the Nasdaq follows an 18 year old trip and a pivot of profitable growth, according to Assia.

Business previously rebuilt A spac merger in 2021 and rather awaited sustained profitability before becoming public.

The company now joins an increasing list of trading platforms with deep cryptography roots that have matured to wider financial services providers, even if Bitcoin continues to shape their original stories.