eToro IPO 2025: Everything You Need to Know Before It Hits Nasdaq

The Wait Is Over: eToro Is Going Public in 2025

After years of speculation, a failed SPAC merger, and massive growth, eToro is finally heading to Wall Street. The social trading platform is set to make its public debut on the Nasdaq under the ticker symbol “ETOR”, with the IPO expected as early as Q2 2025. With a valuation target of $4.5–$5 billion, this move marks a major milestone in eToro’s journey from a scrappy Israeli startup to a global fintech powerhouse.

Let’s dive into the details—what this IPO is all about, why now, and what it means for investors and the broader fintech ecosystem.

IPO Highlights at a Glance

Company: eToro Group Ltd.
Founded: 2007, in Israel
IPO Status: Filed Form F-1 with the SEC (March 2025)
Estimated Valuation: $4.5 to $5 billion
Target Fundraising: Between $300 million and $750 million
Exchange & Ticker: Nasdaq, under the symbol ETOR
Offering: Class A common shares
Underwriters: Goldman Sachs, Jefferies, UBS, Citigroup, and more
Use of Proceeds: Growth, expansion beyond crypto, and tech innovation

From Crypto Surge to Nasdaq Listing

So why is this IPO happening now?

Well, 2024 was a standout year for eToro. Its revenue skyrocketed to $12.6 billion, nearly tripling from $3.89 billion in 2023. What fueled this surge? Cryptocurrency trading, which made up 96% of total revenue. Net income also soared, jumping from $15.3 million in 2023 to $192 million in 2024.

With such a strong financial backdrop, going public now isn’t just a smart move—it’s strategic. eToro wants to raise capital while investor sentiment is high and fintech IPOs are making a big comeback in what's being called a “Fintech Spring.”

eToro’s Financial Performance Snapshot

Year	Revenue	Net Income	Crypto Share of Revenue
2022	$2.48B	-$21M	~80%
2023	$3.89B	$15.3M	~90%
2024	$12.6B	$192M	96%

Commissions alone hit $931 million in 2024—a 46% jump—fueled largely by crypto enthusiasm, lower trading fees, and a growing user base.

User Base and Global Reach

eToro isn’t just big—it’s global. As of December 31, 2024:

3.5 million funded accounts
Users in 75 countries
Over 35 million registered users since inception

They’ve also grown their presence in the U.S. since entering the market in 2019, and the IPO is expected to further bolster their expansion in the states.

Strategic Goals Post-IPO

While crypto currently dominates eToro’s revenue, the company plans to use IPO proceeds to:

Diversify revenue streams (stocks, ETFs, and new services like securities lending)
Expand brokerage and financial services
Invest in platform technology and AI features
Attract more retail investors globally

The goal? To evolve from a crypto-heavy platform into a holistic fintech ecosystem.

A Look Back: The Failed SPAC Deal

This isn’t eToro’s first rodeo with going public. In 2021, the company attempted to merge with FinTech Acquisition Corp V via a SPAC at a $10.4 billion valuation. However, the deal fell through in 2022 due to unfavorable market conditions.

Now in 2025, eToro is going the traditional IPO route at a much more grounded $5 billion valuation. Given the company’s performance and market momentum, the timing seems far more favorable.

Risks to Keep in Mind

Before you consider investing, here are some potential red flags:

Revenue dependency on crypto: 96% in 2024 is massive, and a drop in crypto interest could directly impact eToro’s performance.
Valuation reset: Down from $10.4B in 2021 to around $5B in 2025, suggesting investor caution.
Regulatory uncertainty: Particularly around crypto in the U.S. and EU.
Rising competition: Platforms like Robinhood, SoFi, and Webull aren’t standing still.

The Bigger Picture: Fintech’s Spring Awakening

eToro’s IPO comes amid a wider resurgence of fintech companies going public. Klarna, Chime, and even Stripe are either lined up or rumored to IPO in 2025. Investor appetite is rising, and easing interest rates are giving tech IPOs fresh oxygen.

On top of that, renewed government support for crypto in the U.S., particularly under the Trump 2024 administration, is fueling optimism in this sector.

Should You Invest?

That depends on your outlook.

Reasons to consider investing:

eToro is profitable and growing fast
Strong global user base
Clear plans to diversify beyond crypto
Riding the wave of retail investor growth

Reasons to be cautious:

High crypto exposure
No clear IPO pricing yet
Uncertain regulatory future

If you're bullish on the future of retail investing and social trading, eToro could be a solid bet. But if you're looking for stability and diversified revenue from the start, you might want to keep this one on your watchlist for now.

Final Thoughts

eToro’s long-awaited IPO is shaping up to be one of the most interesting fintech debuts of 2025. With eye-popping revenue growth, a dominant crypto presence, and global expansion in motion, there’s a lot to like.

Still, this is not a no-risk play. Keep your eyes on upcoming financial disclosures, final pricing, and how well eToro executes on its goal to become more than just a crypto-centric platform.

FAQs

When is eToro’s IPO?

Expected in Q2 2025, subject to market conditions and SEC approval.

What ticker will eToro trade under?

ETOR, on the Nasdaq Global Select Market.

How much is eToro looking to raise?

Between $300 million and $750 million.

Will the IPO proceeds go to eToro or shareholders?

eToro will receive funds from new share offerings, but existing shareholders will also sell some shares.

What is the class structure post-IPO?

Two classes of shares: Class A (1 vote per share) and Class B (10 votes per share, convertible to Class A).

Trading Calendar