
eToro’s IPO raises $620M as it begins trading on Nasdaq today
Fintech firm capitalizes on investor appetite and crypto resurgence.
eToro is set to raise approximately $620 million in an upsized U.S. initial public offering (IPO) after pricing its shares above the expected range, the company announced on Tuesday.
The stock and cryptocurrency trading platform has offered 11.92 million shares at $52 each, exceeding its initial pricing range of $46 to $50. The shares are expected to begin trading on the Nasdaq Global Select Market under the symbol “ETOR” on Wednesday.
Founded in 2007, the Israel-based fintech firm had previously attempted to go public via a $10.4 billion SPAC merger backed by Betsy Cohen. That deal collapsed in 2022.
In September 2024, eToro agreed to limit its U.S. crypto offerings to bitcoin, bitcoin cash, and ether as part of a settlement with the Securities and Exchange Commission, which had charged the company with operating as an unregistered broker and clearing agency.
Goldman Sachs, Jefferies, UBS, and Citigroup are serving as lead underwriters for the IPO.
CTech reported on Monday that eToro closed its IPO order books due to exceptionally high investor demand. The offering was estimated to be more than ten times oversubscribed.
As a result, the company’s valuation is now expected to exceed $4 billion, beyond projections in its original prospectus.
The company, which operates a digital trading platform for both securities and cryptocurrencies, missed the 2021 IPO window due to heightened regulatory scrutiny of digital assets. eToro renewed its public listing plans earlier this year, capitalizing on renewed momentum in financial markets following Donald Trump’s return to the White House.
eToro reported a net profit of $192 million in 2024, a dramatic improvement from $15.3 million in 2023 and a $21 million loss in 2022. Earnings per share followed a similar trajectory, improving from a loss of $11.45 in 2022 to $0.80 in 2023, and then jumping to $9.85 in 2024.
According to its prospectus, the company generated $639 million in revenue in 2023 and $931 million in 2024, driven largely by increased cryptocurrency trading. Its EBITDA rose to $304 million in 2024, up from $117 million in the prior year.