eToro Files for IPO on Nasdaq, Eyes Significant Growth in Revenue
eToro, a prominent trading platform for stocks and cryptocurrencies, has officially filed to go public on the Nasdaq, marking a significant milestone in its journey after a previous attempt to list in 2021 fell short. This renewed push for an initial public offering (IPO) reflects the company’s confidence in its accelerated growth trajectory.
In a detailed prospectus associated with the IPO, the Bnei Brak, Israel-based firm reported that its revenue surged to an impressive $12.6 billion last year, more than tripling from prior figures. A substantial proportion of this revenue—approximately $12.1 billion—was derived from its robust cryptocurrency operations, which saw a remarkable increase from $3.4 billion in 2023.
Founded in 2007 by visionary entrepreneurs Yoni and Ronen Assia, eToro has carved out a niche by enabling users to trade a variety of assets, including stocks, cryptocurrencies, and commodities. Additionally, the platform offers a unique feature that allows users to replicate the trading strategies of successful investors by copying their portfolios. Earlier this year, reports surfaced regarding eToro’s plans for an IPO following a confidential filing with the SEC.
According to data extracted from its recent Form F-1 filing, eToro’s net income skyrocketed to $192 million in 2024, a significant leap from the mere $15.3 million recorded in 2023. The company aims to secure between $300 million and $400 million through this IPO, targeting a valuation of approximately $4.5 billion, as reported by Globes. This anticipated valuation is a considerable decrease from the $10.4 billion it pursued during a planned merger with a special-purpose acquisition company in 2021, which was ultimately abandoned due to unfavorable market conditions.
eToro has indicated its intention to list under the ticker symbol “ETOR”. The IPO will be underpinned by several major underwriters, including Goldman Sachs, Jefferies, UBS, and Citigroup, signaling strong institutional support for its public debut.
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