Crypto and stock trading platform eToro has raised the size of its initial public offering (IPO) to $620 million by pricing its shares at $52 each, surpassing its earlier target range of $46 to $50 per share. The Israel-based firm and its backers sold over 11.92 million shares, with trading scheduled to commence on May 14 under the ticker symbol ETOR on the Nasdaq Global Select Market. Initially, eToro aimed to raise $500 million through the sale of 10 million shares.
eToro vs. Robinhood: A New Rivalry Emerges
eToro’s IPO positions it as a direct competitor to Robinhood Markets Inc. (HOOD), which went public in July 2021 and has since seen its stock rise by over 67% year-to-date. The increased IPO size not only signals investor confidence but also reflects heightened interest in digital trading platforms amid ongoing market volatility. The IPO window remains open until May 15, consisting of approximately 5.9 million shares sold by eToro and 5.9 million by existing shareholders.
Crypto IPOs Gain Momentum
eToro’s public listing comes amid a broader wave of crypto-related IPOs. Chime, a digital banking fintech, has also applied to list on the Nasdaq under the ticker CHY, though share numbers and price ranges remain undisclosed. Meanwhile, crypto exchange Kraken and stablecoin issuer Circle are reportedly considering IPOs this year, despite Circle’s temporary pause following global market volatility triggered by tariff announcements from former President Donald Trump.
BitGo, a crypto custody services firm, is also preparing for an IPO, alongside crypto unicorns Kraken, Figure, Anchorage Digital, and blockchain analytics firm Chainalysis, as predicted by Bitwise in December 2024. The trend follows Coinbase’s 2021 Nasdaq listing, which set a precedent for crypto firms entering public markets.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: eToro’s $4B IPO Ambitions Clash With U.S. Crypto Compliance Hurdles
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
