eToro Aims for Blockbuster $4B Nasdaq IPO—Retail Trading’s Latest Casino Goes Public
eToro’s betting big—slapping a $4 billion price tag on its Nasdaq debut. The retail trading platform, where meme stocks and crypto dreams collide, now wants Wall Street’s stamp of approval.
Subheader: From Zero-Commission Hype to Public Market Reality
The same platform that rode the GameStop frenzy and Dogecoin mania is polishing its financials for the big leagues. Will institutional investors bite—or is this just another SPAC-style sugar rush?
Cynical jab: Nothing says ’mature financial ecosystem’ like a company built on leveraged crypto trades and influencer marketing cashing out at peak volatility.
eToro IPO to Offer 10M Shares Split Between Company and Existing Investors
Half of the shares—5 million—will be issued by the company, while the remaining 5 million will be offered by existing shareholders.
These include co-founder and CEO Yoni Assia, his brother Ronen Assia, and prominent investors such as Spark Capital, BRM Group, and Andalusian Private Capital.
eToro, which offers commission-based trading in both stocks and cryptocurrencies, is positioning itself as a competitor to firms like Robinhood.
Although Robinhood reported a decline in crypto trading during Q1, its stock has climbed nearly 30% since the start of the year.
The filing also notes that investment giant BlackRock has shown interest in purchasing up to $100 million worth of shares at IPO.
Additionally, 500,000 shares have been reserved for a directed share program, typically aimed at employees and early supporters.
Crypto remains a significant part of eToro’s business, with $12.1 billion in crypto-related revenue in 2024—up sharply from $3.4 billion in 2023.
Still, the company expects crypto to represent a slightly smaller share of its total trading commissions in Q1 2025 compared to the previous year.
eToro filed an updated IPO prospectus seeking to raise $500M at a $4B valuation $ETOR.
>Mentions crypto 630 times
>Crypto trading is 38% of transaction revenue
>$ETOR held $113M in digital assets (likely BTC) as of year-end 2024
>Net income of $192M, so ~21x PE. pic.twitter.com/o0vt83pqYz
Despite the momentum, eToro acknowledged potential headwinds.
These include user retention risks tied to negative media sentiment about listed cryptocurrencies, as well as regulatory pressure from U.S. state laws and the European Union’s Markets in Crypto-Assets (MiCA) regulation, which the firm expects will incur ongoing compliance costs.
eToro initially filed confidentially with the SEC in January before publicly announcing its IPO plans in March.
The offering was delayed following market turbulence triggered by former President Donald Trump’s April 2 trade policy announcements, which affected numerous planned listings.
More Crypto Firms Expect IPO
Other crypto firms, including Circle and Kraken, are also exploring IPOs, signaling a broader industry push toward public markets. eToro’s offering will be led by Goldman Sachs, Jefferies, UBS Investment Bank, and Citigroup.
Plans to explore IPOs come amid growing regulatory clarity in the US.
As reported, Paul Atkins was sworn in as Chairman of the SEC, marking a leadership shift that is being welcomed by the digital asset industry.
Under Atkins’ leadership, the SEC has already withdrawn or delayed several prominent cases against crypto firms.
The agency dropped its lawsuits against Coinbase and Cumberland DRW earlier this year, and a separate investigation into Uniswap Labs closed in February without enforcement action.
