After Palo Alto, eToro may be next to dual-list in Tel Aviv
EXCLUSIVE: Directors are expected to discuss listing the fintech company on the TASE less than a year after its Nasdaq IPO.
After cybersecurity giant Palo Alto Networks, will fintech company eToro be the next Israeli firm to pursue a dual listing on the Tel Aviv Stock Exchange (TASE)?
Calcalist has learned that the company’s directors have decided to explore the possibility of listing the company’s shares for trading in Tel Aviv as well, turning eToro into a dual-listed company less than a year after its IPO on Nasdaq. According to sources familiar with the matter, the directors intend to raise the issue for discussion soon, possibly at the company’s next board meeting.
The move comes just 20 days after Palo Alto Networks, the world’s largest cybersecurity company by market capitalization, completed a dual listing and began trading on the Tel Aviv Stock Exchange. The move immediately made Palo Alto the largest company on the local exchange, with a market capitalization of about NIS 410 billion.
Palo Alto said the listing highlighted the company’s Israeli roots through founder Nir Zuk. Whether or not one accepts that explanation, eToro’s situation appears different.
The company, which operates an online trading platform for stocks, cryptocurrencies, and other assets, is currently valued at less than $2.7 billion (about NIS 8 billion). At that valuation, even if the company completes a dual listing, it would not qualify for inclusion in the flagship Tel Aviv-35 index.
Since its IPO last May, eToro’s stock has fallen about 38%, while the Nasdaq index has risen nearly 18% over the same period. Against this backdrop, listing in Tel Aviv could make concrete business sense for the company. For eToro, which has struggled with disappointing share performance since going public, greater exposure to the Israeli capital market may provide a tailwind.
eToro’s management, led by CEO Yoni Assia, took the company public on Nasdaq in May 2025 at a valuation of $4.4 billion (about NIS 15.6 billion at the time). The offering was then the largest Israeli IPO in the U.S. since Mobileye’s 2022 listing.
Since then, however, the company’s market value has eroded significantly. At the same time, the Tel Aviv Stock Exchange has recorded an unusually strong rally.
The exchange’s benchmark TA-125 index has risen about 72% over the past 12 months, outperforming most Western markets. As a result, trading volumes on the local exchange have surged.
A dual listing could therefore increase demand for eToro’s shares from Israeli institutional investors and index-focused funds, particularly if the company is included in local indices. Currently, the average daily trading volume in eToro shares stands at about $10 million.
For comparison, Palo Alto Networks’ shares trade on the Tel Aviv Stock Exchange with daily turnover of about NIS 6-8 million, relatively small compared with the roughly NIS 250 million average daily turnover in the shares of Israel’s major banks. It is also far below the trading volumes of Palo Alto shares on Nasdaq, where most global investors prefer to trade in dollars.
The weakness in eToro’s share price since its IPO has already prompted the company to take steps to support the stock. Among other measures, eToro launched a share buyback program, under which it has already repurchased $100 million worth of shares.
eToro was founded in 2007 by brothers Yoni and Ronen Assia together with David (Dudu) Ring. The company developed a digital platform that allows investors to trade a wide range of assets, including stocks, indices, commodities, and cryptocurrencies.
The company operates from Bnei Brak’s industrial zone, as well as from Limassol and London.
eToro ended 2025 with net profit of $216 million. In the fourth quarter alone, net profit grew 16% to $69 million.
According to the company’s reports, 71% of its trading accounts are located in Europe and the UK, while only 4% come from Africa and the Middle East.
Another factor that could support a listing in Tel Aviv is the company’s board and shareholder structure.
One of eToro’s largest investors is the BRM Group, owned in part by Israel’s Economy Minister Nir Barkat and his brother Eli Barkat. The fund is the largest shareholder among the company’s venture capital investors, holding about 9% of the company.
BRM is also one of the controlling shareholders of the investment house Meitav, together with the Stepak family.
Avner Stepak, chairman of Meitav, which also operates the trading platform Meitav Trade, serves as an active director at eToro, meaning he is involved in the company’s activities beyond standard board participation.
Hedva Bar, former Supervisor of Banks at the Bank of Israel, currently serves as Deputy CEO and Senior Vice President responsible for risk management at eToro.
eToro declined to comment on the matter.
