eToro, the Israel-based stock brokerage platform that has increasingly focused on cryptocurrency, has priced its upcoming IPO at $52 per share. The company plans to raise nearly $310 million by selling approximately 6 million shares, bringing its valuation to roughly $4.2 billion. eToro initially aimed to price the shares between $46 and $50 each, and another 6 million shares will be sold by existing investors.
The IPO market had been showing signs of recovery, particularly after President Donald Trump returned to office in January, following a prolonged dry spell caused by rising interest rates and inflation concerns. However, tariff uncertainty briefly disrupted these plans, forcing eToro to postpone its public offering. Despite this, the company is moving forward with its Nasdaq debut under the ticker symbol ETOR, and this listing will serve as a key test for investor appetite for new stock offerings. Alongside eToro, other companies like Hinge Health and Chime are also preparing for IPOs, and Webull recently merged with a special-purpose acquisition company (SPAC).
Founded in 2007 by brothers Yoni and Ronen Assia, along with David Ring, eToro competes with platforms such as Robinhood. The company generates revenue primarily through trading fees, including spreads on buy and sell orders, as well as non-trading fees related to withdrawals and currency conversions. eToro has also been expanding its cryptocurrency offerings, with revenue from crypto-assets surging more than threefold to over $12 million in 2024. Crypto trading accounted for 25% of the company’s net trading revenue last year, a significant increase from 10% in the previous year.
This marks eToro’s second attempt to go public. In 2022, the company had plans to merge with a SPAC, but those were scrapped during a downturn in the equity markets. That deal would have valued the company at over $10 billion. CEO Yoni Assia has expressed a clear intention to go public in the future, noting that the company has been strengthening its relationships with exchanges, including Nasdaq, in preparation for a market debut. eToro’s IPO is expected to be an important milestone for the company as it continues to expand its services in the rapidly growing crypto market.
BlackRock has also expressed interest in purchasing $100 million worth of shares at the IPO price, according to eToro’s filing.
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