eToro Files for Nasdaq IPO After Crypto Revenue Surge

eToro, the leading stocks and crypto trading platform, has filed to sell shares publicly on the Nasdaq following a remarkable revenue surge driven by cryptocurrency trading. The company, founded in 2007, reported that its total revenue more than tripled last year to $12.6 billion, with crypto-related revenue soaring from $3.4 billion in 2023 to $12.1 billion in 2024. Additionally, net income jumped significantly to $192 million compared to $15.3 million the previous year. eToro is looking to raise between $300 million and $400 million at a valuation of $4.5 billion, a figure that contrasts sharply with a previously targeted $10.4 billion valuation during a planned, but later shelved, merger in 2021. Major investment banks including Goldman Sachs, Jefferies, UBS, and Citigroup are set to lead the offering, signaling strong institutional backing. The filing marks a renewed push by eToro to secure a public listing and further capitalize on the growing influence of cryptocurrency in its business model.