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eToro recently revealed that its initial public offering (IPO) on the Nasdaq is launching with a higher-than-expected price of $52 per share.
In Brief
- eToro’s IPO on Nasdaq is priced at $52 per share, exceeding initial expectations of $46-$50
- The company offers 11.9 million shares, raising around $310 million and valuing eToro at $4.2 billion.
- Major banks like Goldman Sachs and Citigroup lead the IPO, with additional shares available for purchase.
eToro Raises $310 Million, Valuing the Company at $4.2 Billion
The stock and crypto trading platform revealed in a release that the IPO involves 11.9 million Class A common shares. Half of these, or 5.96 million shares, are being sold by eToro, while the remaining shares are from existing shareholders.
The shares will start trading on the Nasdaq Global Select Market today, May 14, with the ticker symbol “ETOR,” and May 15 has been scheduled as the closing date for the offering, barring any issues.
There’s also room for the underwriter to buy even more shares—up to an additional 1.79 million Class A shares—within the next 30 days. The company’s announcement confirmed:
The shares are expected to begin trading on the Nasdaq Global Select Market on May 14, 2025, under the ticker symbol “ETOR”. The offering is expected to close on May 15, 2025, subject to customary closing conditions.
When eToro first set its IPO expectations, it was aiming for a price range of $46 to $50 per share. But now, with the $52 price, they’ve exceeded those earlier projections. CNBC reported that eToro raised nearly $310 million from the sale of about 6 million shares, giving the company a valuation of around $4.2 billion.
Strong 2024 Performance Boosts IPO Confidence, Competing with Robinhood
In January, eToro filed paperwork with the U.S. government to begin preparing for an IPO in New York. Then, in March, they announced their plans. By going public, eToro will compete with companies like Robinhood, a trading app that started selling stock in 2021. Robinhood’s stock has gone up more than 62% this year, according to Google Finance.
According to the announcement, eToro’s IPO is being led by big banks like Goldman Sachs, Jefferies, UBS, and Citigroup. Other banks helping with the process include Deutsche Bank, Bank of America, Cantor, Mizuho, and TD Securities. Additional firms, such as Rothschild and Moelis, are also helping as co-managers.
This IPO follows eToro’s launch of a feature in the UK and Europe that allows users to convert crypto such as Bitcoin and Ethereum into fiat currency. Users can transfer crypto from external wallets, convert it to cash, and either reinvest or withdraw directly through the platform.
eToro reported strong financial performance, with profit rising from $15 million in 2023 to $192 million in 2024. The company also noted that adjusted EBITDA grew from $117 million to $304 million, which is a 159% increase.
eToro also saw a 41% rise in net contribution, hitting $787 million in 2024 compared to $557 million the year before. Additionally, its total commission surged by 46%, going from $639 million in 2023 to $931 million in 2024.
Financial and Crypto Firms Pursue Nasdaq Listings
Other companies in the financial space are also eyeing a Nasdaq listing. For example, digital bank Chime has filed to go public under the ticker “CHY.” Although the exact share price and number of shares are still up in the air, some experts predict that Chime’s IPO could raise as much as $1 billion.
Meanwhile, many crypto firms are rethinking their IPO plans as well. Kraken is reportedly considering going public later this year, while BitGo launched a global over-the-counter (OTC) desk for digital assets in February, hinting at an IPO down the road.
Circle, the company behind the USDC stablecoin, filed with the SEC on April 1 but paused its IPO plans shortly after. The decision followed President Donald Trump’s April 2 tariff announcement, which shook global markets and prompted several companies to delay their public offerings.
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Ifeoluwa specializes in Web3 writing and marketing, with over 5 years of experience creating insightful and strategic content. Beyond this, he trades crypto and is skilled at conducting technical, fundamental, and on-chain analyses.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
