eToro aims for $4B valuation, $500M raise for US IPO
The Israel-based eToro Group says it’s looking for a valuation of up to $4 billion with its initial public offering in the US, as the stock and crypto trading platform forges ahead with listing on the Nasdaq.The company...
The Israel-based eToro Group says it’s looking for a valuation of up to $4 billion with its initial public offering in the US, as the stock and crypto trading platform forges ahead with listing on the Nasdaq.
The company and existing stockholders are aiming to raise $500 million through offering a total of 10 million shares priced between $46 to $50 apiece, eToro said on May 5.
A filing with the US Securities and Exchange Commission shows eToro is offering 5 million shares, with a further 5 million being put up by the likes of the company’s co-founder and CEO, Yoni Assia; his brother and executive director, Ronen Assia; along with venture firms Spark Capital, BRM Group and Andalusian Private Capital, among others.
The company offers stock and crypto trading targeting retail and plans to list on the tech-heavy Nasdaq Global Select Market under the ticker “ETOR.”
It's slated to compete with Robinhood Markets Inc. (HOOD), which saw crypto trading dip in the first quarter but whose shares have climbed by nearly 30% so far this year, according to Google Finance.
In the filing, eToro said some BlackRock funds and accounts indicated interest in buying up to $100 million worth of shares at IPO. eToro has also put aside 500,000 shares to sell through a directed share program, typically targeted at employees.
The company reported that its revenue from crypto in 2024 was $12.1 billion, up from $3.4 billion in 2023. It expected crypto to account for 37% of its commission from trading activity in the first quarter of 2025, down from 43% in the year-ago quarter.
Source: Matthew SigelIn a section of its filing listing possible risks to the business, eToro warned its users could leave, or it could struggle to get more users, due to negative perceptions of the cryptocurrencies it lists, “either as a result of media coverage or by experiencing significant losses.”
Other crypto-related risks the eToro flagged included US state-level crypto regulation, which it said “may place strain on our resources and make it difficult to operate in certain jurisdictions, if at all.”
It also said it expects “to continue to incur significant costs” due to the European Union’s Markets in Crypto-Assets (MiCA) laws “on an ongoing basis.”
IPOs ready to push after Trump tariff joltEToro initially made confidential filings with the SEC in January for a public offering, before publicly announcing the plans on March 24.
The company reportedly delayed its IPO after President Donald Trump’s April 2 “Liberation Day” tariff announcements tanked global markets and stopped many in-the-works public offerings.
Related: Are Donald Trump’s tariffs a legal house of cards?
Crypto companies are also lining up to go public, with stablecoin issuer Circle filing on April 1 but then pausing its plans amid the uncertainty.
Crypto exchange Kraken is also reportedly considering a public offering for early next year, which has accelerated its plan with Trump’s election.
EToro’s public offering is led by Goldman Sachs, Jefferies, UBS Investment Bank and Citigroup.
Legal Panel: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
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