EToro Files for Nasdaq IPO, Seeks $400M Amid Crypto-Driven Revenue Surge

EToro, a leading stocks and crypto trading platform, has officially filed for an initial public offering (IPO) on the Nasdaq, aiming to raise up to $400 million at an estimated valuation of $4.5 billion.

This marks a renewed effort to go public after a 2021 attempt—valuing the company at $10.4 billion via a SPAC merger—was abandoned due to unfavorable market conditions.

According to its recently filed prospectus, the Israel-based company reported a massive revenue surge in 2024, tripling to $12.6 billion. The majority of this growth stemmed from crypto-related transactions, which soared from $3.4 billion in 2023 to $12.1 billion last year.

Founded in 2007 by Yoni and Ronen Assia, eToro enables users to trade a range of financial assets, including stocks, cryptocurrencies, and commodities, while also offering a social trading feature that allows users to mimic the portfolios of experienced investors. Reports of a confidential SEC filing earlier this year had hinted at the company’s IPO ambitions.

The company’s net income also saw a sharp rise, climbing from $15.3 million in 2023 to $192 million in 2024, as disclosed in its Form F-1 filing.

Major financial institutions, including Goldman Sachs, Jefferies, UBS, and Citigroup, are set to lead the offering. eToro has applied to list its shares under the ticker symbol “ETOR.”

This IPO comes at a time when the platform is capitalizing on renewed interest in crypto trading, positioning itself for further expansion in the global financial markets.