Trading platform eToro has formally applied for its initial public offering (IPO) in the US, posting dramatic financial expansion that left Wall Street abuzz.
According to reports filed with the Securities and Exchange Commission, the Israeli company posted a whopping revenue boost from $3.89 billion in 2023 to $12.6 billion in 2024.
Image: PIP Penguin
eToro: Crypto Fuels Dramatic Financial Turnaround
According to the company’s filing, cryptocurrency trading powered an incredible 96% of its total revenue in 2024. The surge coincides with US President Donald Trump’s return to the White House and his pro-crypto policy stance, which breathed new life into digital asset markets.
Global Platform With Massive User Base
eToro, which was established in 2007, runs a special trading application where one can copy and follow other successful traders. It has more than 38 million clients spread out in 75 nations, making it a major online trading company.
EToro filed for an IPO, disclosing revenue and net income that soared last year https://t.co/mii2RWmX3V
— Bloomberg (@business) March 24, 2025
Financial Rollercoaster And Regulatory Challenges
The road to being listed for the company hasn’t been easy. An earlier attempt to be listed through a $10.4 billion SPAC merger fell apart in 2022. eToro’s US arm paid a $1.5 million fine to the SEC and agreed to limit some crypto asset offerings in September 2024 after being accused of being an unregistered broker.
BTCUSD trading at $87,387 on the daily chart: TradingView.com
IPO Details Still Uncertain
Wall Street titans Goldman Sachs, Jefferies, UBS, and Citigroup are spearheading the IPO push. But all-important specifics are still pending. The firm hasn’t said how many shares it will sell or the price it hopes to get per share. Its previous best-known private valuation was $3.5 billion, well below the previous $10.4 billion SPAC deal value.
The report gives a snapshot of eToro’s recent activity, with a net income of $192 million in 2024, up from only $15.3 million in the prior year. Although the figures are impressive, investors will be eager to know if the current momentum in the crypto market can be maintained at such a rate.
In a simultaneous development, yet another crypto exchange, Kraken, is also gearing up to go public. Kraken is considering raising as much as $1 billion of debt before a possible IPO in early 2026, which indicates ongoing desire to take crypto trading platforms public.
Featured image from Gemini Imagen, chart from TradingView
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