eToro Raises $620 Million in IPO

According to a May 13 press release from eToro, the company and its investors sold more than 11.92 million shares at $52 each. eToro’s shares will officially begin trading on the Nasdaq Global Select Market on May 14 under the ticker symbol ETOR.

Previously, eToro aimed to raise $500 million by offering 10 million shares priced between $46 and $50.

The offering will remain open until at least May 15 and includes more than 5.9 million shares issued by eToro and 5.9 million shares sold by certain existing shareholders.

With this move, eToro is going public as a direct competitor to Robinhood Markets Inc. (ticker: HOOD), which launched its IPO in July 2021. According to Google Finance, Robinhood’s shares have risen over 67% year-to-date.

eToro initially filed for a public offering confidentially with the U.S. Securities and Exchange Commission (SEC) in January, before officially announcing its plans on March 24.

Crypto IPO Wave in the Making

eToro isn’t the only company preparing for an IPO in the crypto space. Cryptocurrency exchange Kraken is reportedly considering going public later this year.

Circle — the issuer of the USDC stablecoin — filed with the SEC on April 1 but paused its plans following global market turmoil triggered by former President Donald Trump’s tariff announcements on April 2.

Meanwhile, crypto custody provider BitGo launched a global over-the-counter (OTC) digital asset trading desk in February and is said to be preparing for an IPO scheduled for later this year.

Asset management firm Bitwise forecasted in December last year that at least five crypto unicorns would go public in 2025: stablecoin issuer Circle, crypto exchanges Kraken and Figure, crypto bank Anchorage Digital, and blockchain analytics company Chainalysis.

Back in 2021, Coinbase became the first major crypto firm to go public in the U.S. by listing its shares on the Nasdaq.

Additionally, digital banking fintech firm Chime has also filed to list its stock on the Nasdaq under the ticker symbol CHY. However, the number of shares and the pricing range have yet to be disclosed. Investment advisory firm Renaissance Capital suggested in a May 13 note that Chime’s IPO could raise up to $1 billion.