Quick take:
- The company previously tried to go public via a SPAC merger in 2021, which was later abandoned.
- The company has now filed to sell shares to the public on Nasdaq.
- Goldman Sachs, Jefferies, UBS, and Citigroup are among the IPO underwriters.
Etoro has finally filed for its much anticipated initial public offering to raise up to $400 million. According to the report on Tuesday, the IPO values the crypto trading platform at $4.5 billion.
The company previously tried to go public via a SPAC merger in 2021, which was later abandoned, but has now filed to sell shares to the public on Nasdaq, with Goldman Sachs, Jefferies, UBS, and Citigroup among underwriters.
The $4.5 billion valuation is less than half of the $10.4 billion that eToro sought in the shelved SPAC merger.
The announcement follows eToro’s huge revenue growth, which rose more than 300% to $12.96 billion in 2024. Crypto was the main revenue contributor, accounting for about $12.1 billion, up from $3.4 billion in 2023.
Subsequently, the company’s net income spiked to $192 million, up from $15.4 million in 2023.
News about this IPO first emerged in January, with reports suggesting the company was seeking a valuation of $5 billion with shares planned for listing on the New York Stock exchange.
Founded in 2007 by Yoni and Ronen Assia, the Bnei Brak, Israel-based company offers a variety of trading features, including the ability to copy the trades of other traders. Its asset classes span from stocks, currencies, ETFs, Indices and commodities to crypto.
With this IPO, eToro will be joining a short list of publicly traded companies that offer crypto trading services.
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