Source: Cointelegraph
Original: “eToro Soars 30% on Nasdaq Debut After Expanding IPO Size”
The cryptocurrency and stock trading platform eToro saw its stock price rise nearly 30% on its first day of trading on Nasdaq, after the company increased the size of its initial public offering (IPO) at the last minute.
eToro Group Ltd (ETOR) closed at $67 on May 14, 2025, up 28.9% from its initial offering price of $52, giving the company a market capitalization of over $5.5 billion.
During the trading day, the stock price surged to $74.26 before retreating, and it fell slightly by 0.7% in after-hours trading to $66.53.
On May 13, eToro raised its IPO size to $620 million, pricing the stock above the previously expected range of $46 to $50.
Initially, the company planned to raise $500 million by issuing 10 million shares, but ultimately, the company and its supporters sold over 11.92 million shares, which were split between eToro and some existing shareholders.
In a filing submitted to the U.S. Securities and Exchange Commission (SEC) on May 5, eToro stated that some funds and accounts managed by BlackRock expressed interest in purchasing up to $100 million in IPO shares.
Robinhood Markets Inc. (HOOD), a competitor of eToro, went public in 2021. According to Yahoo Finance, its stock price fell 1.9% to $61.39 on the same day, and further declined by 1.63% to $60.39 in after-hours trading.
In regulatory filings, eToro reported a total cryptocurrency revenue of $12.1 billion for 2024 (including sources such as trading fees and withdrawals), up from $3.4 billion in 2023. The company also expects that cryptocurrency will account for 37% of its trading activity commissions in the first quarter of 2025, down from 43% in the first quarter of 2024.
The offering was led by Goldman Sachs, Jefferies, UBS Investment Bank, and Citigroup.
eToro's public listing marks a rebound in the U.S. IPO market, which had seen many companies postpone their listing plans due to global market turmoil caused by President Donald Trump's large-scale tariff policies.
eToro submitted confidential IPO documents to the SEC in January and publicly announced the plan on March 24, but the IPO was delayed due to Trump's "Day of Liberation" tariff plan announced on April 2, which caused many IPO projects in preparation to be suspended.
The stock and cryptocurrency trading platform was founded in 2007 and previously attempted to go public in 2021 through a merger with a special purpose acquisition company, achieving a valuation of $10 billion.
However, in 2022, the plan was canceled due to the impact of the COVID-19 pandemic and ongoing inflation, which severely affected the stock and cryptocurrency markets, along with rapid interest rate hikes by central banks.
Cryptocurrency exchange Kraken is also considering going public this year, as is stablecoin issuer Circle, which submitted documents to the SEC on April 1 but suspended its plans the following day due to Trump's tariff policies.
Cryptocurrency fund management company Bitwise predicted last December that, in addition to Kraken and Circle, cryptocurrency exchanges Figure, cryptocurrency bank Anchorage Digital, and blockchain analytics company Chainalysis would also go public this year.
Related: Bitfarms Records $36 Million Net Loss from Shifting from Bitcoin (BTC) Mining to AI
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