eToro targets $4 billion valuation and $500 million raise from US IPO

Israeli-based eToro unveiled details for its upcoming New York IPO, aiming to raise up to $500 million and achieve a $4 billion valuation. The allotment comprises 10 million Class A common shares, priced between $46 and $50 per share. eToro will provide half of the offering, with the other five million shares tabled by existing stockholders, according to a Monday announcement.

The platform will also allow underwriters to buy an additional 1.5 million shares within 30 days to cover any over-allotments. Goldman Sachs, Jefferies, UBS Investment Bank, and Citigroup lead the underwriting, with additional support from Deutsche Bank Securities, Cantor, and BofA Securities.

The social stock and crypto trading hub applied to list its shares on the Nasdaq Global Select Market under the ticker symbol "ETOR." According to Reuters, $10 trillion asset management behemoth BlackRock already signaled interest in $100 million worth of ETOR stock. eToro confidentially filed its IPO in January to finalize its strategy privately.

“A registration statement on Form F-1 relating to the proposed offering of these securities has been filed with the SEC but has not yet become effective,” per the May 5 statement. “These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.”

The company's New York flotation follows a previously attempted Special Purpose Acquisition Company merger with FinTech Acquisition Corp. V in 2022. The deal to go public would have valued eToro at $10.4 billion but failed to secure approval from the Securities and Exchange Commission.

So far, Coinbase and several Bitcoin miners are the only crypto-affiliated companies that have successfully launched IPOs in the United States. Stablecoin issuer Circle also planned to list shares on U.S. stock exchanges in late April after it filed a prospectus with the SEC. However, the firm has not disclosed an update on its plans as some entities reconsidered IPOs in the wake of President Trump’s tariffs.