eToro Plans to Go Public with $5 Billion Valuation, Aims for NYSE Listing
eToro, a trading platform specializing in stocks and cryptocurrencies, is preparing to go public by offering shares on the New York Stock Exchange (NYSE), according to a confidential filing obtained by the Financial Times. The listing could occur as soon as the second quarter of 2025, with the company seeking a valuation of more than $5 billion.
The company has enlisted Goldman Sachs, Jefferies, and UBS as advisers for the listing. If successful, eToro will join Coinbase (COIN) and Robinhood (HOOD) as one of the few publicly listed platforms offering cryptocurrency trading in the U.S. However, eToro’s market capitalization would be significantly smaller, with Coinbase valued at $69 billion and Robinhood at $40 billion.
This valuation marks a significant decrease compared to eToro’s earlier plans in 2021, when it attempted to go public via a $10.4 billion SPAC deal. That attempt was canceled in late 2022 due to challenging market conditions.
In 2023, eToro raised $250 million in funding at a $3.5 billion valuation, with SoftBank among the investors. However, its valuation has since risen, spurred by a rally in equity and cryptocurrency markets, and the company’s settlement of a $1.5 million fine with the U.S. Securities and Exchange Commission (SEC) over charges of operating as an unregistered broker and clearing agency. eToro also resolved claims of facilitating the trading of certain crypto assets as securities.
While the exact cryptocurrency trading volume on the platform remains unknown, reports from Finance Magnates indicate that it surged more than 500% in the year ending in November 2023.
Founded in Israel in 2007, eToro manages $11.3 billion in assets for over 3 million customers. These assets include not only cryptocurrencies but also stocks and exchange-traded funds (ETFs).
As part of its settlement with the SEC, eToro agreed to halt trading of several cryptocurrencies in the U.S., limiting its U.S. customers to trading bitcoin (BTC), bitcoin cash (BCH), and ether (ETH).
The company has yet to respond to requests for comment on the upcoming listing.
