TLDR
- eToro shares closed up 28.9% at $67 on its first day of Nasdaq trading
- The company raised $620 million in its IPO after pricing shares at $52, above the expected range
- The successful IPO values eToro at over $5.5 billion
- eToro reported $12.1 billion in crypto revenue for 2024, up from $3.4 billion in 2023
- The offering signals a rebound in US public offerings after delays caused by tariff concerns
eToro Group Ltd (ETOR) made a successful public debut on May 14, 2025, with shares closing at $67, representing a 28.9% increase from its initial offering price of $52. During the trading day, the stock reached a high of $74.26 before settling back down.
The Israel-based crypto and stock trading platform raised $620 million in its initial public offering. This came after the company made a last-minute decision to boost its offering.
Initially, eToro planned to raise $500 million by offering 10 million shares. The company and its backers ended up selling over 11.92 million shares at the IPO, split evenly between eToro and existing shareholders.
CEO Yoni Assia explained the timing of the IPO in an interview with CNBC. “We felt that we’re seeing the light at the end of the tunnel of the correction in the markets,” he said.
The company was waiting for the CBOE Volatility Index to stabilize after recent market concerns. This patience appears to have paid off with the strong debut.
Financial Growth and Crypto Focus
eToro has built a growing business in cryptocurrencies alongside its traditional stock trading services. The company reported its total 2024 crypto revenue reached $12.1 billion, a massive increase from $3.4 billion in 2023.
The firm expects crypto to account for 37% of its commission from trading activity in the first quarter of 2025. This is slightly down from 43% in Q1 2024.
Net income for the company increased almost thirteenfold last year to $192.4 million. This compares to just $15.3 million in 2023.
One-quarter of eToro’s net trading contribution came from crypto last year. This represents a jump from only 10% in 2023.
History of Going Public
This isn’t eToro’s first attempt to go public. The company previously filed to go public in 2021 through a merger with a special purpose acquisition company (SPAC) that would have valued it at more than $10 billion.
Those plans were shelved in 2022 as equity markets fell due to the COVID-19 pandemic and rising interest rates. However, the company remained focused on an eventual IPO.
eToro made confidential filings with the SEC in January 2025 for a public offering. The company publicly announced these plans on March 24.
The trading platform delayed its IPO after President Trump’s April 2 “Liberation Day” tariff plans. These tariffs caused global market uncertainty and put many public offerings on hold.
BlackRock-managed funds had shown interest in buying up to $100 million worth of shares at the IPO. The offering was led by Goldman Sachs, Jefferies, UBS Investment Bank, and Citigroup.
eToro’s successful debut may signal renewed interest in IPOs after an extended drought. Other companies like Chime and Hinge Health have recently started their IPO processes as well.
eToro was founded in 2007 by brothers Yoni and Ronen Assia, along with David Ring. Spark Capital is the company’s biggest outside investor with 14% control after the offering, followed by BRM Group at 8.7%.
CEO Yoni Assia maintains 9.3% control of the company after the public offering. The successful debut brings eToro’s total market capitalization to more than $5.4 billion.
Robert Francis, eToro Australia managing director, stated that the company’s IPO is “a clear sign that retail investing is not a fad, but a long-term trend.”
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