Stock Trading App eToro Jumps in Public Debut After Expanding $620M Offering
Money talks, and eToro’sETOR wallet is singing after its market debut. The platform, which allows users to trade stocks and cryptocurrencies while following top investors, priced shares at $52 each — above its marketed range of $46-$50 — raising $620M. Better yet, the Israeli-based firm soared up to 42% in its first day of trading on the Nasdaq, pushing its valuation to $6B.
- eToro’s debut is the latest evidence of a rebound in US IPOs, after many companies temporarily shelved their debut plans due to tariff-related market volatility.
- The platform has built momentum in crypto, with digital asset revenue tripling to over $12M in 2024 — and contributing 25% to the platform’s total trading revenue.
Market validation: This isn’t eToro’s first rodeo with going public — the firm previously attempted to list via SPAC merger in 2021 with a $10.4B valuation but scrapped those plans in 2022 as equity markets nosedived. Now, with net income up nearly 13x to $192.4M in 2024 (up from $15.3M in 2023), the business has demonstrated its financial viability and survived the fintech freeze. The success of its debut could spur other IPO hopefuls like fintech player ChimeCHYM and digital physical therapy provider Hinge HealthHNGE, both of which are moving forward with their own public offerings after previously delaying plans.