Stocks and crypto trading platform eToro filed to sell shares to the public for the first time on the Nasdaq, marking a renewed push for a listing.
Crypto trading platform eToro is planning to go public again on the Nasdaq after a previous attempt to list via a SPAC merger stalled last year, according to a prospectus filed on Thursday.
The Bnei Brak, Israel-based company also said revenue more than tripled to $12.6 billion in 2024. The lion’s share came from cryptocurrency-related revenue, which climbed to $12.1 billion last year from $3.4 billion in 2023.
Founded in 2007 by Yoni and Ronen Assia, eToro enables users to trade assets such as stocks, crypto and commodities, and to copy other traders’ portfolios.
Its IPO plans were first reported earlier this year with a view to raising $300-$400 million at a valuation of $4.5 billion, Globes reported.
However, eToro was previously planning to go public in 2021 through a merger with SPAC, SEI Investment (NYSE:SPIV) in a deal that valued the combined company at $10.4 billion. Those plans were later shelved due to market conditions.
The firm is now planning to list on the Nasdaq with the ticker “ETOR.”
It is also offering shares for sale in a follow-on offering after its IPO, with the total size of the offering yet to be determined.
Major underwriters for the offering include Goldman Sachs, Jefferies, UBS, and Citigroup.
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