Online trading platform eToro has increased the scale of its initial public offering to $620 million after pricing its shares higher than originally expected.
The move comes just ahead of its stock market debut, scheduled for May 14 on the Nasdaq Global Select Market under the ticker ETOR.
In total, more than 11.9 million shares were sold at $52 apiece — well above the earlier price range of $46 to $50. The offering includes a nearly even split between shares offloaded by eToro itself and those sold by existing investors, and it will remain open through May 15.
eToro’s IPO was initially aiming for a $500 million raise with 10 million shares, but investor demand led to the boost. The Israel-based company is positioning itself as a competitor to Robinhood, which went public in 2021 and has seen its stock rally over 67% this year alone. On May 13, Robinhood shares closed at $62, approaching its all-time high of $65 set in February.
eToro’s journey to the public markets began quietly, with confidential filings submitted to the SEC back in January, followed by a formal announcement in March.
Meanwhile, another fintech giant is preparing to enter the market. U.S. digital bank Chime has filed to list under the ticker CHY, although details such as the share count and pricing are still under wraps. Analysts at Renaissance Capital estimate the Chime IPO could be one of the year’s biggest, possibly raising up to $1 billion.
Tether is deepening its involvement in the tokenized gold space by introducing a new version of its gold-backed stablecoin—XAUt0—on The Open Network (TON).
Robinhood has officially announced the acquisition of Bitstamp, one of Europe’s longest-standing digital asset exchanges.
Ripple’s RLUSD stablecoin has received the green light from the Dubai Financial Services Authority (DFSA), paving the way for its use in the Dubai International Financial Centre (DIFC).
Binance founder Changpeng Zhao is once again stirring innovation in crypto, this time calling for a new kind of decentralized exchange (DEX) that prioritizes privacy for large-scale traders.