eToro Targets $4B Valuation With Planned Nasdaq Debut

Israeli trading platform eToro is preparing to go public in the U.S., aiming for a valuation of up to $4 billion as it moves to list shares on the Nasdaq under the ticker “ETOR.”

The company hopes to raise $500 million through the sale of 10 million shares priced between $46 and $50 each, according to a May 5 filing.

Half of the shares will be issued by eToro itself, while the remainder will come from early backers, including co-founders Yoni and Ronen Assia and firms like Spark Capital and BRM Group. Some BlackRock-managed accounts have already shown interest in buying as much as $100 million worth of stock.

eToro, which offers both stock and crypto trading with a focus on retail investors, is positioning itself as a rival to Robinhood. Though Robinhood saw a drop in crypto trading volumes earlier this year, its stock is up nearly 30% year-to-date.

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The company disclosed that crypto-related revenue reached $12.1 billion in 2024, a sharp increase from $3.4 billion the year before. Crypto trading currently makes up over a third of eToro’s commission-based income, although that’s slightly down from the previous year.

Still, regulatory and reputational hurdles remain. eToro’s IPO documents caution that unfavorable media coverage or steep user losses could dent demand. The platform also flagged compliance costs tied to new crypto laws in the U.S. and Europe, particularly the EU’s MiCA framework, which is expected to impact operational expenses long term.

Alexander Stefanov