tl;dr
eToro has launched its U.S. IPO roadshow, targeting a valuation up to $4 billion. The Israel-based trading platform plans to offer 10 million Class A shares at $46-$50 each, potentially raising $500 million, with an option for underwriters to buy an additional 1.5 million shares. Underwriters includ...
eToro has officially launched its U.S. IPO roadshow, aiming for a valuation of up to $4 billion while planning to raise as much as $500 million through the offering. The Israel-based trading platform intends to offer 10 million Class A shares priced between $46 and $50 each, with underwriters granted an option to purchase an additional 1.5 million shares to cover over-allotments.
The IPO is backed by major financial institutions including Goldman Sachs, UBS, Jefferies, Bank of America, Citigroup, Cantor Fitzgerald, and Deutsche Bank. Post-IPO, eToro expects to have approximately 80.9 million shares outstanding, possibly valued between $3.7 billion and $4.12 billion if the over-allotment option is exercised.
Emphasizing its pioneering role in crypto trading, eToro’s updated F-1 filing highlights that cryptocurrency commissions represented 37% of total trading commissions during Q1 2025. The company’s crypto-related revenue surged to $12.15 billion in 2024, a remarkable increase from $3.4 billion in 2023, while net income jumped to $192.4 million in 2024 from $15.3 million the previous year.
Yoni Assia, CEO of eToro, underscores the company’s commitment to the crypto space, citing his early adoption of bitcoin and belief in blockchain’s transformative potential as foundational to eToro’s mission focused on transparency, security, and inclusivity.
The filing also candidly addresses crypto’s volatility as a risk factor but reaffirms the company’s confidence in the growth of cryptoassets despite unpredictable market conditions. Compared with other asset classes, crypto commissions are a significant revenue driver, surpassing equities, currencies, and commodities in recent quarterly data.
eToro’s renewed IPO push after postponing its initial roadshow due to global market turbulence suggests increased confidence in both traditional financial markets and the expanding crypto sector. With digital assets becoming a central pillar of its business model, eToro is positioning itself at the crossroads of innovation and mainstream investment.