eToro Prepares for Wall Street Debut, Eyes $500M Raise and $4B Valuation

• eToro is moving forward with its U.S. IPO, aiming to raise $500 million at a valuation of up to $4 billion as it prepares to list on Nasdaq under the ticker “ETOR.”
• The trading platform, backed by strong crypto revenue growth and investor interest from firms like BlackRock, faces regulatory challenges but signals renewed momentum for crypto-related public offerings.

Following a harsh regulatory action against eToro by the U.S. SEC, the Israel company is gearing up for its long-anticipated public debut in the United States. The firm aims to raise a whooping $500 million through an IPO.

Significantly, the Initial Public Offering could see the company value upto 44 billion. Notably, this filing with the U.S Securities and Exchange Commission was put to light on the 5th of May, will include 10 million shares price between $46 and $50 each.

The IPO will see eToro itself offering 5 million shares, while the remaining 5 million will come from existing stakeholders. Among them are company co-founder and CEO Yoni Assia, his brother and executive director Ronen Assia, and early investors such as Spark Capital, BRM Group, and Andalusian Private Capital.

The company plans to list on the Nasdaq Global Select Market under the ticker symbol “ETOR.”

eToro’s move will see it battle established players like Robinhood Markets Inc. (HOOD), which, despite a dip in crypto trading activity earlier this year, has seen its stock surge nearly 30% year-to-date.

In the same vein of growth, eToro reported$12.1 billion in crypto revenue for 2024. This was a massive jump from 2023’s 43.4B. However, crypto’s share of trading commissions is projected to fall to 37% in Q1 2025, down from 43% in the same quarter last year.

institutional interest in the IPO is strong. Some BlackRock-managed funds have indicated plans to purchase up to $100 million worth of shares. Additionally, eToro has allocated 500,000 shares for its directed share program, typically aimed at employees and early contributors.

In the same line of thought, One company has veered off-topic in this situation. Notably, Ripple has officially stated it will not pursue an initial public offering (IPO) in 2025. President Monica Long explained in a CNBC interview that the company does not require additional capital or heightened visibility, two common reasons for going public. CEO Brad Garlinghouse reinforced this position, noting Ripple’s strong financial standing, which includes billions in cash reserves.

The IPO comes after months of delay. eToro had originally filed confidentially with the SEC in January and announced its public plans in March. However, global market instability following former President Donald Trump’s April 2 tariff announcement , dubbed “Liberation Day” caused a wave of postponed offerings, including eToro’s.

While eToro presses ahead, it also acknowledges potential risks in the crypto sector. In its SEC filing, the company warned that user attrition could result from negative media coverage or significant trading losses. It also cited mounting regulatory pressures from both U.S. state-level policies and the European Union’s Markets in Crypto-Assets (MiCA) framework, which it expects will drive up compliance costs.

As Wall Street shows renewed appetite for tech and crypto listings, eToro joins a wave of digital asset firms eyeing public markets. Stablecoin issuer Circle had filed for an IPO earlier this year but has since paused, while Kraken is reportedly planning to go public in 2026.

Goldman Sachs, Jefferies, UBS Investment Bank, and Citigroup are leading eToro’s public offering.

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