eToro jumps 30% on Nasdaq debut after upsized IPO
Update (May 15, 2:12 am UTC): This article has been updated to add a comment from eToro Australia’s Robert Francis.
Crypto and stock trading platform eToro has seen its share price gain nearly 30% during its debut on the Nasdaq after the company made a last-minute boost to its initial public offering.
Shares in eToro Group Ltd (ETOR) closed May 14 trading at $67, up 28.9% from its initial offering price of $52, according to Yahoo Finance. It brings the company’s market value to over $5.5 billion.
Its stock price shot to a high of $74.26 during the trading day before cooling and has also slightly dipped by 0.7% after the bell to $66.53.
The day before, on May 13, eToro boosted its IPO to $620 million after pricing its shares above its previously suggested range of between $46 to $50 each.
Initially, the firm aimed to raise $500 million by offering 10 million shares, but the company and its backers sold over 11.92 million shares at its IPO, split evenly between eToro and some existing shareholders.
Some BlackRock-managed funds and accounts had signalled interest in buying up to $100 million worth of shares at IPO, eToro said in a May 5 filing with the Securities and Exchange Commission.
In a note to Cointelegraph, eToro Australia managing director Robert Francis said the company’s IPO is “a clear sign that retail investing is not a fad, but a long-term trend.”
Robinhood Markets Inc. (HOOD), a rival to eToro that went public in 2021, saw its share price sink 1.9% to $61.39, with its losses extending by 1.63% after-hours to $60.39, Yahoo Finance shows.
In its regulatory filing, eToro reported its total 2024 crypto revenue, from sources such as trading fees and withdrawals, was $12.1 billion, up from $3.4 billion in 2023. It also expected crypto to account for 37% of its commission from trading activity in the first quarter of 2025, down from 43% in Q1 2024.
The offering was led by Goldman Sachs, Jefferies, UBS Investment Bank and Citigroup.
IPOs rebound after tariff turmoil
EToro’s public debut marks a rebound for public offerings in the US after many firms put their plans on hold as US President Donald Trump’s sweeping tariffs tanked global markets.
EToro made confidential filings with the SEC in January for a public offering and publicly announced the plans on March 24, but delayed its IPO after Trump’s April 2 “Liberation Day” tariff plans, which put a stop to many in-the-works public offerings.
Related: 8 major crypto firms announce US expansion this year
The stock and crypto trading house was founded in 2007 and previously bid to go public in 2021 via a merger with a special purpose acquisition company at a valuation of $10 billion.
It canned that plan a year later, in 2022, after stock and crypto markets took a massive hit due to the COVID-19 pandemic and sticky inflation that caused central banks to quickly hike interest rates.
Crypto exchange Kraken is considering going public this year, as is stablecoin issuer Circle, which filed with the SEC on April 1 but paused its plan a day later due to Trump’s tariffs.
Crypto fund manager Bitwise predicted in December that, alongside Kraken and Circle, crypto exchange Figure, crypto bank Anchorage Digital and blockchain analytics firm Chainalysis would also go public this year.
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