eToro's Competitive Moat Takes Shape: A Closer Look at the Gemini Partnership

eToro Group has partnered with Gemini to transition customers affected by Gemini's exit from the UK, EU, and Australia. This collaboration may broaden eToro's active user base during the offboarding phase, but the company's core equity story still hinges on its ability to convert a large trading community into profitable activity. The Gemini partnership is seen as a one-off inflow of potential users rather than a structural shift in the business.