Israeli trading platform Etoro has filed a prospectus with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) in New York, revealing that its revenue tripled in 2024, with 96% of that revenue coming from cryptocurrency trading. Etoro reported a revenue of $12.6 billion and a net profit of $192 million last year, a significant increase from 2023’s revenue of $3.89 billion and net profit of $15.3 million. The company aims to raise between $300 million and $400 million at a pre-money valuation of $4.5 billion, although previous reports indicated a target valuation of $5 billion. Etoro’s IPO plans follow a previous attempt in 2021 to merge with a SPAC, which was abandoned due to a downturn in the stock market. Major financial institutions, including Goldman Sachs and Citigroup, are serving as lead managing bookrunners for the offering.
Etoro Files for IPO With Tripled Revenue, 96% From Crypto Trading
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