eToro Files for Nasdaq IPO as Crypto Revenues Surge to $12.6B in 2024

eToros 2024 revenue hit $12.6B with 96% coming from cryptocurrency trading
eToro targets a $5B valuation in its Nasdaq IPO after scrapping a 2021 SPAC deal
Crypto trading surged driving eToros net income to $192M in 2024 up from $15.3M

Israel-headquartered multi-asset trading platform, eToro, made a registration statement that the company aims to list on the Nasdaq Global Select Market under the ticker symbol ETOR. The registration statement was filed to the US Securities and Exchange Commission on the 24th of March, 2025. This marks a new attempt by eToro to go for an IPO after a merger deal with a SPAC planned in 2021 was called off due to unfavorable market conditions.

According to its filing, eToro aims to raise between $300 million and $400 million, with an estimated valuation of up to $5 billion. This valuation remains below the $10.4 billion target from its previous SPAC attempt. Goldman Sachs, Jefferies, UBS, and Citigroup will underwrite the offering.

eToro Files for Nasdaq IPO as Crypto Revenues Surge to $12.6B in 2024 9

Founded in 2007 by Yoni and Ronen Assia, eToro enables users to trade stocks, cryptocurrencies, and commodities. Through social trading investors can replicate trades made by qualified users on the platform. The platform is one of the earliest regulated European platforms and has enabled Bitcoin trading since 2013.

Crypto Revenues Dominate as eToro Posts Strong Financials

The IPO filing reveals significant growth in 2024, with total revenue reaching $12.6 billion, up sharply from previous years. Notably, cryptocurrency trading accounted for 96% of the revenue, contributing $12.1 billionan increase from $3.4 billion in 2023. Net income rose significantly to $192 million in 2024, compared to $15.3 million the year before.

Retail trading activity soared throughout 2024, supported by a recovering equities market, easing recession concerns, and optimism about Federal Reserve rate cuts. Platforms like eToro benefited from renewed interest by individual investors, especially in cryptocurrencies and speculative assets.

Commission income rose to $931 million in 2024, up from $639 million in 2023. These numbers reflect strong market engagement and position eToro as a leading crypto and equity trading player.

IPO Marks Strategic Expansion Amid Growing Retail Demand

Launching a U.S. IPO at the company supports its strategic initiative to gain a broader group of investors beyond existing primary markets. CEO Yoni Assia confirmed that public listing in the United States would bring better trading liquidity and market visibility to the company despite the UK market representing its biggest customer base.

In 2023, eToro generated $250 million through funding at a $3.5 billion valuation. The company expects its valuation to increase beyond this number due to fresh IPO interest accessible in 2025. According to industry analysts companies decisions to pursue IPOs stem from positive economic factors combined with renewed investor willingness to take risks.

Text source: TronWeekly

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