eToro Drops $70M on Zengo Wallet, CEO Still HODLing Hope for $250K Bitcoin

eToro is acquiring self-custodial wallet provider Zengo for roughly $70 million, according to Bloomberg. The trading platform says the deal will help expand its onchain offerings into tokenized assets, prediction markets, perpetuals, and yield products. Because nothing says "we take crypto seriously" like buying your way into the self-custody game with someone else's pocket change.

CEO Yoni Assia framed the acquisition at Paris Blockchain Week as part of eToro's push to attract a more crypto-native user base. "We're going deeper into self-custody infrastructure," he said during a fireside chat. Translation: "We watched our users ape into everything and finally realized we probably should learn what a private key actually is."

The move comes as crypto has become eToro's dominant revenue driver. In 2025, the platform reported total revenue of $13.8 billion—$12.98 billion of which came from crypto assets. That's roughly 94% of their top line tied to digital assets. At this point, calling eToro a crypto company would be like calling lettuce a taco ingredient—technically present, but you're really just here for the main course.

Assia also reiterated his $250,000 Bitcoin price target during the event. "Bitcoin is on the path eventually to $250,000, $500,000 and beyond," he said. He expects the current slowdown to persist another quarter before Bitcoin enters another accumulation phase. Bold words from a man whose platform makes 94% of its money from the same asset he's mooning over. But hey, when you're that deep, you might as well bring others along for the ride.

He's not alone in calling for $250K. Arthur Hayes and Robert Kiyosaki have made similar predictions. A rally to that level would require Bitcoin's price to roughly triple and would put BTC's market cap around $5 trillion—second only to gold, up from its current 12th place ranking. Yes, Bitcoin is currently ranked somewhere between "pretty please with sugar on top" and "actual monetary revolution," depending on who you ask. But at least the math checks out, even if the hopium dosage makes your doctor nervous.

Not everyone is convinced, though. Galaxy Digital has urged caution, calling the year ahead "too chaotic to predict" given US elections and monetary policy uncertainty. Wise words from people who've actually watched chart patterns get absolutely wrecked by a single Elon tweet. Sometimes the smartest move is to admit you have no idea what's coming next, which in crypto is basically its own form of alpha.