eToro targets $4 billion valuation with $500 million US IPO

Israel-based trading platform eToro is preparing for a US initial public offering (IPO) aiming to raise $500 million and achieve a valuation of up to $4 billion.

The company plans to offer 10 million shares priced between $46 and $50 each, according to a filing with the US Securities and Exchange Commission (SEC) on May 5.

Of these shares, 5 million will be sold by eToro itself, while the remaining 5 million come from existing shareholders including co-founder and CEO Yoni Assia, his brother Ronen Assia, and venture firms like Spark Capital and BRM Group.

eToro operates as a stock and cryptocurrency trading platform focused on retail investors.

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

eToro will compete with firms such as Robinhood Markets Inc., which has seen mixed crypto trading performance but rising share prices this year.

The filing noted interest from BlackRock funds and accounts for up to $100 million worth of shares at the IPO.

Additionally, 500,000 shares are reserved for a directed share program, typically allocated to employees.

In 2024, eToro reported crypto-related revenue of $12.1 billion, a significant increase from $3.4 billion in 2023.

Crypto trading accounted for 37% of its commission revenue in the first quarter of 2025, down from 43% a year earlier.

The company highlighted risks including potential user attrition due to negative perceptions of cryptocurrencies and regulatory challenges at the US state level.

eToro also anticipates ongoing costs related to compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulations.

The IPO was initially filed confidentially in January and publicly announced in March.

The offering is led by investment banks Goldman Sachs, Jefferies, UBS Investment Bank, and Citigroup.

Market uncertainty following President Donald Trump’s April tariff announcements delayed several IPOs, including eToro’s.

Crypto firms such as Circle and Kraken have also adjusted their public offering plans amid this environment.