Published: December 4, 2025
UP Fintech Holding Limited (NASDAQ: TIGR), the Singapore‑based online broker behind the Tiger Brokers brand, delivered its strongest quarter on record today, sending TIGR stock sharply higher in premarket trading and drawing fresh attention from both Wall Street analysts and retail traders.
Before the opening bell, shares jumped around 9% to roughly $9.40 after the company posted a big earnings beat and record client assets, although the stock has since pulled back toward the mid‑$8 range in volatile trading. [1] Year‑to‑date, TIGR remains more than 35% higher, extending a powerful 2025 rebound. [2]
Who Is UP Fintech and Why TIGR Matters
UP Fintech operates Tiger Brokers, a digital brokerage and wealth platform that lets investors trade equities, options, futures and other instruments across U.S., Hong Kong, Singapore and other global markets through a mobile‑first interface. [3]
The company targets global, largely Chinese‑speaking investors and has been steadily expanding its presence in key Asia‑Pacific hubs like Singapore and Hong Kong, alongside operations in the U.S., Australia and New Zealand. [4]
That positioning cuts both ways:
- It gives UP Fintech direct exposure to some of the world’s most active retail trading markets.
- It also exposes the firm to evolving Chinese and cross‑border securities regulation, which has already forced tighter rules on opening new accounts for mainland residents. [5]
Today’s results show the growth engine is still running hard despite those headwinds.
Q3 2025: Record Revenue, Record Profit
For the third quarter ended September 30, 2025, UP Fintech reported:
- Total revenue: US$175.2 million, up 73.3% year‑over‑year and 26.3% quarter‑over‑quarter – a new all‑time high. [6]
- Net revenue: US$153.2 million, up 79.5% year‑over‑year. [7]
- GAAP net income attributable to shareholders: US$53.8 million, roughly triple the US$17.8 million earned in the same quarter of 2024. [8]
- Non‑GAAP net income: US$57.0 million, up 2.8× year‑on‑year and 28.2% sequentially. [9]
On a per‑share basis, GAAP diluted EPS came in at US$0.29, beating consensus estimates of roughly US$0.21 by US$0.08. [10]
The growth was broad‑based across revenue lines:
- Commissions: US$72.9 million (+76.9% YoY), helped by stronger trading volumes. [11]
- Interest income: US$73.2 million (+52.7% YoY), supported by higher margin financing and securities lending balances. [12]
- Other revenues: US$26.3 million (+189.1% YoY), driven by IPO distribution income and wealth‑management fees. [13]
Even financing service fees – a small line item – stayed essentially flat despite lower interest rates, which otherwise tend to pressure that segment. [14]
Put simply: the company is not just making money from one hot revenue stream; it is scaling across brokerage, margin financing and corporate/wealth services at the same time.
Client Assets and Accounts: The Growth Engine
Where UP Fintech really flexed in Q3 was on assets and customer quality:
- Total client assets: Reached US$61.0 billion, up 49.7% year‑over‑year and 17.3% quarter‑over‑quarter, another record high. [15]
- Margin financing & securities lending balance: US$5.7 billion, up 27.5% YoY. [16]
- Funded customers (accounts with deposits): 1.224 million, an 18.5% YoY increase. [17]
- Newly funded accounts in Q3: 31,500, bringing year‑to‑date new funded clients to over 132,000 – effectively hitting the full‑year 150,000 target early. [18]
Equally important is who those clients are and how much they bring:
- Average net asset inflows per new funded client hit over US$32,000, a record. [19]
- In Singapore, the average was about US$62,000 per new funded customer.
- In Hong Kong, it was roughly US$30,000. [20]
Singapore and Hong Kong together accounted for about 80% of new funded clients (roughly 40% each), and client assets in those two markets jumped around 20% and 60% quarter‑on‑quarter respectively. [21]
Trading activity stayed brisk:
- Total Q3 trading volume: US$209.4 billion, up 28.5% YoY, although down from an exceptionally strong Q2. [22]
- Options and futures contracts traded rose to about 25.6 million, up 68% YoY. [23]
This combination – higher balances, more active trading, and richer per‑client inflows – is exactly what management has said it wants as it prioritizes “user quality” over sheer account count growth. [24]
Digital Assets, AI Tools and Corporate Business
Beyond the headline financials, Q3 also showed how UP Fintech is trying to differentiate itself against rivals like Futu and traditional brokers.
Digital assets
- The company launched spot crypto trading in New Zealand, giving local users access to digital assets on its platform. [25]
- It rolled out richer crypto‑market data and on‑chain metrics to help users analyze coin issuers and network activity, positioning digital assets as a deeper, research‑driven product rather than a mere trading add‑on. [26]
Wealth management and AI
UP Fintech continued to build out “Tiger AI,” an in‑house suite of advisory and analytics tools:
- The new TradingFront AI feature gives advisers real‑time insights into portfolio performance, risk exposure and asset allocation for each client.
- The system surfaces macroeconomic updates and actionable recommendations, aiming to make advisers more responsive and sticky in a multi‑asset world. [27]
Corporate and ESOP business
On the institutional side, UP Fintech:
- Underwrote 5 U.S. IPOs as sole bookrunner in Q3 and participated in several digital‑asset related U.S. listings and financings.
- Took part in 5 Hong Kong IPOs and acted as underwriter for Boss Zhipin’s follow‑on offering.
- Added 46 new ESOP (employee stock ownership plan) clients, lifting the total to 709 as of September 30, 2025. [28]
These higher‑margin corporate and wealth activities are a big part of the “other revenues” bucket that nearly tripled year‑over‑year in Q3. [29]
Costs, Margins and the Sustainability Question
Rapid growth rarely comes for free, and UP Fintech’s expense lines are climbing too.
- Total operating costs and expenses: US$89.4 million, up 50.7% YoY. [30]
- Employee compensation and benefits: US$47.2 million, up 64.1% YoY, as the firm adds staff globally. [31]
- Marketing and branding: US$12.9 million, up 56.7% YoY, reflecting aggressive customer acquisition and brand investment. [32]
- Interest expense: US$21.9 million, up 39.8% YoY, tied to funding margin financing and securities lending. [33]
The good news is that revenue is currently growing faster than costs, which is why net income scaled so dramatically. But investors will be watching closely to see whether:
- Marketing and headcount growth moderate as the company reaches more efficient scale, and
- Interest income and “other revenues” can keep offsetting higher funding and operating costs. [34]
On the balance‑sheet side, UP Fintech ended Q3 with US$580.7 million in cash, term deposits and long‑term deposits, up from US$396.0 million at the end of 2024 – giving it a decent buffer to keep investing in technology and expansion. [35]
How the Market Reacted on December 4, 2025
The earnings release hit before U.S. markets opened, and traders moved quickly:
- Premarket: TIGR spiked about 9%, with the stock trending among the most‑discussed tickers on Stocktwits after the Q3 revenue beat and asset milestones. [36]
- The report highlighted that revenue meaningfully beat expectations of around US$133 million, contributing to the bullish reaction. [37]
- Retail sentiment on Stocktwits flipped from “neutral” to “extremely bullish”, with “extremely high” message volume and some users publicly targeting prices up to US$15 per share. [38]
By early afternoon (UTC), TIGR was trading around US$8.66, modestly lower than its premarket spike but still reflecting the market’s positive response to record Q3 numbers.
Earlier in November, Investor’s Business Daily reported that UP Fintech’s Relative Strength (RS) Rating was upgraded from 79 to 83, ranking it among the strongest stocks in its investment‑banking/brokers peer group and placing it third behind Futu Holdings. [39]
Taken together, price action and technical ratings suggest that the market has begun to recognize the turnaround that began in 2024–2025, but is still debating how durable this growth will be.
What Wall Street Analysts Are Saying About TIGR
Analyst coverage has turned notably more constructive this year, though not unanimously so.
Traditional broker research
Benzinga’s compilation of analyst ratings shows: [40]
- A consensus rating of “Buy” across six analysts.
- A consensus 12‑month price target of US$8.72 when all historical ratings are included, with:
- High target: US$14.00 (Citigroup, July 22, 2025).
- Low target: US$2.45 (Daiwa Capital, May 2023).
- Focusing only on the three most recent major‑bank initiations (UBS, Jefferies, Citigroup), the average target rises to about US$13.03, implying roughly 40%–50% upside from recent trading levels depending on the reference price.
Quiver Quantitative, which tracks analyst notes and hedge‑fund flows, reports a median target of US$13.10, with: [41]
- UBS at US$13.10 (Buy, October 23, 2025).
- Jefferies at US$12.00 (Buy, September 29, 2025).
- Citigroup at US$14.00 (target raised in a July upgrade).
Public.com’s analyst consensus, updated as of December 4, 2025, characterizes TIGR as a “Strong Buy” based on three analyst ratings, with an aggregated price target of US$13.03. [42]
TipRanks and AI‑driven takes
TipRanks’ auto‑generated summary today notes the same 73.3% revenue growth and record profits, but its most recent analyst entry lists TIGR as “Hold” with a US$10.00 price target, and its AI “Spark” model rates the stock “Neutral” based on a blend of fundamentals, technicals and cash‑flow metrics. [43]
That US$10.00 target still sits above the current share price, but implies more moderate upside than the large‑bank estimates.
Valuation context
TipRanks also pegs UP Fintech’s market capitalization at roughly US$1.5–1.6 billion, broadly consistent with its ADS count and current share price. [44]
Simply Wall St’s longer‑term narrative, published on December 3 ahead of the earnings release, models: [45]
- 2028 revenue of about US$637 million and
- 2028 earnings of about US$131.6 million,
which implies around 19.4% annualized revenue growth from current levels. Based on those forecasts, they estimate a fair value of roughly US$14.12 per share, which they describe as about 63% upside from the price they used in their model.
It’s important to emphasize that these are projections, not guarantees. But taken together, the analyst community has clearly moved from skepticism toward a more bullish – if still risk‑aware – stance on TIGR.
Hedge Funds and Institutional Flows
Quiver Quantitative’s filing‑based data indicates an active tug‑of‑war among institutional investors in recent quarters: [46]
- 86 institutional investors added TIGR shares in their latest reported quarter.
- 87 reduced or exited positions.
Notable moves include:
- Susquehanna International Group adding about 4.8 million shares (+243%).
- Arrowstreet Capital adding roughly 2.2 million shares (+67%).
- Several large global banks (including Bank of America, Morgan Stanley and JPMorgan) significantly trimming holdings.
This mixed positioning is typical of a stock that has moved from deep value territory into a more contested growth‑at‑a‑reasonable‑price story.
Key Risks: Regulation, Competition and Volatility
Despite the upbeat headlines, TIGR is not a risk‑free story. Several issues remain front and center for investors:
- Chinese and cross‑border regulation
Chinese regulators have been tightening oversight of what they deem “illegal cross‑border securities business.” In recent months, UP Fintech and rival Futu further restricted account‑opening for mainland residents, with UP Fintech now only accepting those with non‑mainland ID documents. [47]
This protects the firm’s regulatory position but narrows one historically important funnel of new clients. - Competitive pressure
Futu remains a major competitor with a strong relative‑strength profile of its own, and local brokers in Singapore, Hong Kong and other markets are aggressively digitizing their offerings. [48] - Revenue mix concentration
A meaningful portion of the recent earnings surge comes from interest income, which is sensitive to both margin balances and interest‑rate cycles, and from investment‑banking and IPO‑related fees that can be cyclical. [49] - Equity issuance and dilution
Simply Wall St and other analysts point to the October 2024 follow‑on offering of 15 million ADSs, which increased the share count but provided capital to fund global expansion and technology investment. How efficiently that capital is translated into sustainable earnings growth will remain a key part of the thesis. [50] - Share‑price volatility
The same factors that make TIGR popular with active traders – leverage to trading volumes, social‑media buzz, and exposure to China‑linked sentiment – also mean the stock can swing sharply in both directions on macro headlines and regulatory news.
Outlook: What to Watch After This Blowout Quarter
With Q3 in the books and management’s earnings call scheduled for – and now held on – December 4, 2025, investors will focus on the guidance and commentary for Q4 and beyond. [51]
Key themes to track over the coming quarters include:
- Client asset growth vs. markets
Are new funded accounts and net inflows still growing faster than broad market benchmarks, or does growth slow as market conditions normalize? - ARPU and user quality
Average net inflows per new client – especially in Singapore and Hong Kong – have been a standout metric. Sustaining those levels would support the bullish margin story; a sharp drop‑off would raise questions. [52] - Digital‑asset and wealth‑management traction
Can the new crypto trading offerings, richer data and Tiger AI tools scale into sizable, recurring fee streams rather than just marketing talking points? [53] - Cost discipline
Revenue has so far outpaced operating‑expense growth, but salary and marketing lines are rising quickly. Investors will watch for signs that UP Fintech can keep expanding without eroding profitability. - Regulatory developments
Any shifts in Chinese or host‑market rules around cross‑border trading, data security or digital assets could alter UP Fintech’s addressable market in either direction. [54]
UP Fintech’s Q3 2025 earnings put up exactly the kind of numbers growth investors like to see: rapid top‑line expansion, expanding profits, record client assets and tangible progress in new product lines. At the same time, the stock still sits at the crossroads of Chinese regulation, global fintech competition and market‑sensitive revenue streams.
For now, the balance of opinion from Wall Street and much of the retail community leans bullish – but as ever in fast‑moving fintech, the real test will be whether today’s record quarter marks a new baseline or a cyclical high.
References
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