EToro Files for IPO After Crypto Fuels 2024 Revenue
The trading platform aims to raise up to $400 million at a valuation of approximately $4.5 billion.
Posted by Francisco Rodriguez, AI Boost | Edited by: Sheldon Rebeck Updated: March 25, 2025 1:12 pm UTC Published: March 25, 2025 12:44 pm UTC
What you need to know:
- eToro's revenue grew to $12.6 billion in 2024, with 96% of that coming from cryptocurrency trading.
- The IPO filing comes after a scrapped SPAC merger in 2021 and renewed investor interest.
Stock and cryptocurrency trading platform eToro has filed for a public offering on the Nasdaq for the first time, marking a renewed push for a listing after a previous failed attempt in 2021.
In its initial public offering (IPO) prospectus, the Bnei Brak, Israel-based company said its revenue more than tripled last year to $12.6 billion. The bulk of that revenue came from cryptocurrency, which rose to $12.1 billion last year, up from $3.4 billion in 2023.
Founded in 2007 by Yoni and Ronen Assia, eToro allows users to trade assets including stocks, cryptocurrencies, and commodities, as well as copy other traders’ portfolios. The company’s IPO plans were revealed earlier this year in a confidential filing with the SEC.
Net income increased to $192 million in 2024 from $15.3 million in 2023, according to a recent F-1 filing. The company hopes to raise $300 million to $400 million at a $4.5 billion valuation, Globes reported.
That's below the $10.4 billion asking valuation it had in 2021 during a planned merger with a special purpose acquisition company that was then delayed due to market conditions. The firm has applied to list under the ticker “ETOR.”
The placement will be organized by major underwriters, including Goldman Sachs, Jefferies, UBS and Citigroup.
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