Stock and crypto trading site eToro prices IPO at $52 per share

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EToro, a popular stock brokerage platform that has been making waves in the crypto world, has set its IPO price at $52 per share. The Israel-based company successfully raised nearly $310 million by selling almost 6 million shares, valuing the business at around $4.2 billion. Additionally, existing investors are selling almost 6 million shares in the offering.

The company’s decision to go public comes at a time when the IPO market is showing signs of revival after a period of uncertainty caused by factors such as rising interest rates and inflation concerns. EToro’s Nasdaq debut, under the ticker symbol ETOR, will serve as a litmus test for the market’s appetite for risk.

Founded in 2007 by brothers Yoni and Ronen Assia along with David Ring, eToro competes with other popular trading platforms like Robinhood. The company generates revenue through various fees related to trading activities, as well as non-trading services such as withdrawals and currency conversion.

In recent years, eToro has been focusing on expanding its crypto business, with revenue from cryptoassets more than tripling to over $12 million in 2024. A significant portion of the company’s net trading contribution now comes from crypto, highlighting the growing importance of digital assets in the financial market.

This isn’t eToro’s first attempt at going public. In 2022, the company abandoned plans for an IPO through a SPAC merger due to market conditions. However, CEO Yoni Assia has remained committed to the idea of taking the company public and has been working towards finding the right opportunity to do so.

EToro’s IPO has attracted interest from major investors, with BlackRock expressing interest in purchasing $100 million worth of shares at the IPO price. The company plans to sell 5 million shares in the offering, with existing investors and executives selling an additional 5 million shares.

Goldman Sachs, Jefferies, and UBS are serving as underwriters for the IPO, indicating a high level of confidence in the company’s potential for success in the public market. Overall, eToro’s IPO represents a significant milestone for the company as it continues to expand its presence in the financial world.