Israel-based trading platform eToro is moving forward with plans to go public in the United States, aiming for a valuation of up to $4 billion as it prepares to list on the Nasdaq Global Select Market under the ticker symbol “ETOR.”
According to a recent announcement, eToro and its existing shareholders plan to raise $500 million by selling 10 million shares priced between $46 and $50 each. EToro will offer half of the shares, while the remaining 5 million will come from early stakeholders, including CEO and co-founder Yoni Assia, executive director Ronen Assia, and investment firms Spark Capital, BRM Group, and Andalusian Private Capital.
eToro, which caters primarily to retail investors with its stock and cryptocurrency trading services, is positioning itself as a direct competitor to Robinhood Markets Inc. While Robinhood has seen a dip in crypto trading activity in recent months, its stock has surged nearly 30% year-to-date, according to Google Finance.
In its SEC filing, eToro disclosed that BlackRock-managed funds are interested in purchasing up to $100 million in shares during its IPO. The company allocated 500,000 shares for a directed share program aimed at employees. In 2024, eToro reported strong performance in digital assets, with revenue reaching $12.1 billion, up from $3.4 billion in 2023. However, it expects a slight decrease in crypto’s contribution to trading commission revenue, forecasting 37% for Q1 2025, down from 43% in the same period last year.
eToro first filed confidentially with the SEC in January before making its IPO plans public in March. The offering, expected initially sooner, was delayed following former President Donald Trump’s “Liberation Day” tariff announcements on April 2, which rattled global markets and disrupted multiple IPO timelines.
eToro joins a growing list of crypto-focused companies exploring public listings. Bitwise Asset Management predicts that 2025 will be a landmark year for cryptocurrency companies going public, with at least five “crypto unicorns” expected to launch IPOs. Potential anticipated firms to go public include Circle, Kraken, Anchorage Digital, Chainalysis, and Figure.
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