eToro goes public with $52 IPO, valued at $4.2 billion amid retail and crypto boom

eToro, the retail trading platform known for its stock and crypto services, has finally made its public market debut. The company priced its IPO at $52 per share, slightly above its expected range of $46 to $50, raising about $310 million in the process. That puts its valuation at around $4.2 billion.

Nearly 6 million new shares were sold in the offering, while existing investors are offloading another 6 million. The stock will trade on the Nasdaq under the ticker symbol ETOR.

Crypto Trading Platform eToro Hits Nasdaq With $4.2B Valuation After Shelving SPAC Deal

The IPO is one of the more anticipated listings in tech and finance this year, partly because eToro had pulled back from a previous public attempt via SPAC during the market downturn in 2022. That earlier deal would’ve valued the company at over $10 billion.

This time, eToro is stepping in during what looks like a cautious comeback for IPOs. The pipeline has been warming up again after a long freeze driven by rising interest rates and market volatility. CoreWeave’s debut in March helped thaw some of that chill. Still, uncertainty around tariffs caused several firms, including eToro, Klarna, and StubHub, to hold back.

Now eToro is taking its shot. The company is hoping the market is more willing to bet on companies with a strong consumer base and a growing crypto business. Its numbers seem to back that up: eToro’s net income last year jumped to $192.4 million, up from $15.3 million a year earlier. Crypto-related revenue more than tripled to over $12 million, and 25% of its trading contribution came from crypto, double the year before.

Founded in 2007 by brothers Yoni Assia and Ronen Assia together with David Ring, the Israel-based eToro has over 20 million registered users who can manually invest in cryptocurrencies, stocks, commodities, and more, while those who lack time or experience can automatically copy the trades of others on the platform. eToro currently boasts over 20 million traders on its platform.

This IPO round also got a vote of confidence from big players. BlackRock said it was interested in picking up $100 million worth of shares at the offering price.

Goldman Sachs, Jefferies, and UBS led the underwriting team for the deal.

Meanwhile, the broader IPO market may be ready to test its appetite further. Hinge Health just kicked off its roadshow this week and is aiming to raise as much as $437 million. Fintech startup Chime also filed its paperwork with the SEC. Another player, Webull, went public through a SPAC merger in April.

As for eToro, this listing has been years in the making. Last year, CEO Yoni Assia told CNBC that going public was still a goal, just a matter of timing. “We definitely are eyeing the public markets,” he said. “I definitely see us becoming eventually a public company.”

Now it’s official.