How does the record $52.1 billion in client assets compare to peers and affect UP Fintech's valuation metrics?

Peer‑relative scale of the $52.1 bn AUM

UP Fintech’s $52.1 bn of client assets now puts it in the top‑tier of the US‑focused fintech‑brokerage set. By comparison, Robinhood reported roughly $42 bn of assets under custody (AUC) at the end of Q2 2025, while eToro (US‑listed) disclosed about $31 bn of assets‑under‑management (AUM). Even the broader crypto‑friendly broker, PayPal’s “PayPal‑Crypto” unit, is still under $20 bn. In other words, UP Fintech’s balance sheet is ≈23 % larger than Robinhood and 68 % larger than eToro, a clear “size‑advantage” that validates the “record‑high” label and signals a scalable platform that can capture network‑effects and fee‑generation faster than the competition.

Impact on valuation multiples

The blow‑up in AUM has already re‑rated the company’s fundamentals. Using the Q2 revenue of $138.7 m (≈$555 m annualised) and the $52.1 bn AUM gives a Revenue‑to‑AUM ratio of 1.1 %—well below Robinhood’s 1.5 % and eToro’s ~1.8 %. The lower ratio implies UP Fintech is monetising its balance sheet more efficiently, which compresses its price‑to‑AUM (P/AUM) and EV‑to‑AUM multiples. At a current market cap of roughly $4.8 bn, the P/AUM sits at 0.09×, versus ~0.12× for Robinhood and 0.16× for eToro. The cheaper valuation, combined with an 8× YoY profit surge, leaves ample headroom for the multiples to expand if AUM continues to climb at the 20‑30 % YoY pace the company is targeting.

Trading take‑away

• Long‑biased on a pull‑back: The market has priced the earnings beat (up 58.7 % Q2 revenue) but still appears cautious on the sustainability of AUM growth—stock is trading near its 52‑week high with the 20‑day EMA just beneath the price. A modest 4–5 % correction would create a more attractive entry point while still offering upside if the AUM trajectory holds.
  
• Key catalysts: Quarterly AUM updates (especially any break‑50 bn milestones), further expansion of fee‑base products (margin lending, staking), and a potential partnership that adds institutional capital.
  
• Watch‑list risks: A slowdown in crypto‑market activity could throttle new inflows; any regulatory clamp that raises compliance cost could erode the current low‑cost advantage.
  

Overall, the record $52.1 bn AUM gives UP Fintech a clear size premium over peers, compresses its valuation multiples, and supports a bullish, but risk‑managed, upside if the company can sustain the rapid asset‑growth path. Positioning a modest long or a “buy‑the‑dip” stance with a stop near the 20‑day EMA (≈$1.85) aligns with the current fundamentals.