Stocks and cryptocurrency trading platform eToro has filed to offer shares to the public on the Nasdaq, marking a renewed effort for public listing after a stalled attempt in 2021.

In their initial public offering (IPO) prospectus, the Israel-based company reported that revenue tripled to $12.6 billion in the previous year, driven by significantly increased cryptocurrency trading revenues which rose to $12.1 billion from $3.4 billion in 2023.

Key Points:

• eToro is targeting to raise up to $400 million at a near $4.5 billion valuation.
• The firm hopes to list shares under the ticker ‘ETOR’.
• Major underwriters for the IPO include Goldman Sachs, Jefferies, UBS, and Citigroup.

Founded in 2007 by Yoni and Ronen Assia, eToro allows for trading a variety of assets, including stocks and cryptocurrencies, as well as offering innovative features allowing users to copy others’ trading strategies.

In 2024, the company achieved a net income of $192 million, up from $15.3 million in 2023, driven by strong trading activities. It also recently revealed plans for IPO in connection to a confidential filing with the SEC earlier this year.

This current valuation falls below the $10.4 billion valuation sought in 2021 when an SPAC merger was initially planned but eventually abandoned due to unfavorable market conditions.