15 Analysts. One Clear Signal.
Multi-asset strategy delivered a solid top-line beat. Not just a "crypto shop" — ECC revenue grew 45% Y/Y, pivoting to capture record flows in commodities and equities, more than offsetting crypto weakness (-72% Y/Y).
Management hiking marketing spend to 25% of net contribution — an "offensive" move backed by accretive cohort data. Focus on growth to drive faster acceleration in funded accounts and AUA.
January ECC trades surged 55% Y/Y and 66% M/M — user engagement remains sticky even when crypto volatility dampens sentiment.
Trading at ~6x 2026E EBITDA vs US peers at ~19x implies market pricing in zero growth, ignoring profitable diversification.
Growth over profitability. Accretive cohort data supports aggressive customer acquisition spend.
Win Europe first, then scale the US opportunity. Regulatory clarity is key.
De-risk the narrative — crypto is a tailwind, not the core thesis.
$1B+ cash for disciplined acquisitions. Bolt-on targets in wealth management and payments.
Buybacks for EPS accretion. Share repurchase signals management confidence.
Tori, Base44, subscription models — new revenue streams from platform ecosystem.
| Metric | Consensus | Range | Distribution |
|---|---|---|---|
| Revenue | $230M | $215 – $249M | |
| Adj. EBITDA | $87M | $73 – $102M | |
| Net Income | $63M | $52 – $76M | |
| Adj. EPS | $0.69 | $0.60 – $0.83 | |
| Funded Accounts | 3.91M | — | |
| AUA | $19.0B | — |
| Metric | Consensus | Range |
|---|---|---|
| Revenue | $937M | $868 – $1,009M |
| Adj. EBITDA | $344M | $289 – $406M |
| Net Income | $248M | $216 – $293M |
| Adj. EPS | $2.70 | $2.42 – $3.20 |
| Funded Accounts | 4.18M | — |
| AUA | $22.0B | — |
| Metric | Consensus | Range |
|---|---|---|
| Revenue | $1,051M | $984 – $1,199M |
| Adj. EBITDA | $401M | $336 – $490M |
| Net Income | $295M | $255 – $371M |
| Adj. EPS | $3.17 | $2.65 – $4.00 |
| Funded Accounts | 4.59M | — |
| AUA | $27.5B | — |
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