eToro CEO Yoni Assia discussed the company's Nasdaq debut and its early involvement in cryptocurrency. eToro was among the first regulated European companies to offer crypto trading, initially investing in Bitcoin when it was priced at $5. The company's crypto holdings grew significantly before the board decided to sell, shifting focus towards stock markets. Assia revealed that a dinner with Warren Buffett influenced him to prioritize stocks over crypto, despite eToro's continued passion for both markets. In 2023, crypto accounted for 25% of eToro's revenue, with stocks making up 75%. eToro filed confidentially for an IPO aiming for a $5 billion valuation, pricing shares between $46 and $52, and saw its stock rise nearly 30% on the first trading day.

Four years after contemplating going public via a special-purpose acquisition company, the trading platform eToro debuted on the Nasdaq on Wednesday. eToro CEO Yoni Assia joined CNBC Thursday morning to discuss the company's debut and its history with cryptocurrency."We were very early on to crypto," Assia said. "I started buying bitcoin at $5 for eToro's treasury. We were the first regulated company in Europe to launch cryptocurrency trading."Assia said that $50,000 became $50 million before his board said they "have to sell it, it's not our business." When asked if he fired those board members for recommending that, Assia chuckled and quietly said, "maybe.""I think nobody doubts that crypto is here to stay," Assia continued. "It's a new type of capital market thriving around the world. Outside the U.S., we have more than 130 different crypto assets trading, but nonetheless, we are passionate about capital markets and the stock markets."In fact, it was a meeting with arguably the most legendary investor of all time that moved Assia away from cryptocurrency. The founder of Berkshire Hathaway has said he will never own crypto, while his former colleague Charlie Munger infamously referred to Bitcoin as "rat poison.""At a dinner with Warren Buffett, he actually convinced me to focus more on stocks and less on crypto, but we love both," Assia said on CNBC. "Last year, 25% of our revenues were crypto and 75% were stock markets...our customers buying [from] more than 20 different stock markets."eToro confidentially filed in January for an initial public offering, seeking a $5 billion valuation. The company had targeted an IPO price range of $46 to $50 per share, but upsized its offering earlier this week to $52 a share. The stock popped nearly 30% to close its first day of trading at around $67 per share.

eToro CEO Reveals Warren Buffett Advised Him to Reduce Cryptocurrency Investments and Focus on the Stock Market