EToro Guns for $620M in US IPO—Pricing Tops Estimates in Bold Market Play
Retail trading platform eToro slaps Wall Street with a cheeky premium pricing, aiming to squeeze $620M from investors who apparently missed the meme-stock craze.
The move defies lukewarm IPO markets—because nothing says ’trust our valuation’ like a 2021 SPAC deal that never happened.
Watch for the lockup expiry: that’s when the ’democratized finance’ rhetoric meets the institutional dump button.
(@MikeZaccardi) May 13, 2025
BlackRock Eyes $100M Stake at IPO Price
Regulatory filings show eToro seeks to sell 11.92m shares in the upsized deal. BlackRock signaled interest in purchasing up to $100m of shares at the IPO price. Goldman Sachs, Jefferies UBS and Citigroup served as lead underwriters.
The Israel-based trading platform had earlier targeted a valuation of up to $4b in the offering. However, the upsized pricing now gives eToro a market cap of about $4.3b based on outstanding shares. Additionally, its fully diluted value approaches $5b once employee options are included.
This marks a rebound from a failed 2022 SPAC merger that WOULD have valued the company at more than $10b. At the time, wider market turmoil prompted eToro to pause its public listing plans.
Crypto Firms Target US Listings in 2025
The renewed push comes as US IPO activity picks up under the current administration’s more permissive stance on markets and technology companies. Several other crypto firms are eying US IPOs in 2025 amid recovering markets and looser regulations.
USDC issuer Circle, Kraken, Ripple, Gemini and Peter Thiel-backed exchange Bullish have all been linked to potential offerings.
Going public would grant them fresh capital, boost transparency and credibility and draw investors who might otherwise avoid holding digital assets directly.
