eToro Targets $4 Billion Valuation, Calling Itself a 'Pioneer in the Crypto Space'

eToro has launched the roadshow for its U.S. IPO, with the Israel-based trading platform targeting a valuation as high as $4 billion.

The company also touted its legitimacy in the crypto industry.

"From its earliest days, eToro has been a pioneer in the crypto space," eToro CEO Yoni Assia wrote in the filing. "This has in part been driven by my own early adoption of and personal belief in bitcoin and the transformative potential of blockchain technology."

An updated F-1 registration form clarifies that eToro plans to offer 10 million Class A common shares, at a target price of between $46 and $50.

This could equal a raise of $500 million, yet the trading platform has also included an option for the IPO’s underwriters to purchase an additional 1.5 million Class A shares, which is intended to cover any over-allotments and which can be exercised for 30 days from today’s date.

Underwriters for the offering on the the Nasdaq Global Select Market include Goldman Sachs, UBS, Jefferies, Bank of America, Citigroup, Cantor Fitzgerald and Deutsche Bank.

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Following the IPO, eToro will have 80,873,543 Class A and Class B shares in total, giving it a valuation of between $3.7 billion and $4 billion, although this could rise to $4.12 billion if the above option is exercised.

eToro had begun planning its IPO back in January, according to reports, with the trading platform filing its original F-1 form in March.

Yet it postponed its roadshow last month, largely in view of the market turbulence that followed the Trump administration’s announcement of sweeping international tariffs.

Its reemergence with an updated F-1 form this week could be taken as a sign of renewed confidence in global markets, with the Nasdaq and Bitcoin both up by around 13% since the firm postponed its first roadshow on April 4.

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The company makes repeated reference to cryptocurrencies throughout its F-1 form, dedicating a section to crypto CEO Assia’s introductory letter.

“While crypto’s infancy has been marked by volatility, its underlying principles of transparency, security, and inclusivity resonate deeply with eToro’s mission,” he wrote. “As one of the first global investment platforms to embrace crypto, we have helped millions of investors to access this nascent asset class in a safe way.”

The filing also reveals that, for the three months to March 31, 2025, cryptocurrencies accounted for 37% of the firm’s total commission from trading activity, in contrast to 43%, 4%, 16% for equities, currencies and commodities.

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The prospectus also highlights the volatility of crypto as one of the risk factors that may impact the profitability of eToro’s business, noting that the “future development and growth of cryptoassets is subject to a variety of factors that are difficult to predict and evaluate, including volatility of market price and trading volume.”

Despite the risks, the filing also records that eToro’s revenue from cryptocurrency trading grew to $12.15 billion in 2024, up from $3.4 billion in 2023 and $5.6 billion in 2022.

Its total net income for 2024 was $192.4 million, as opposed to $15.3 million for 2023 and a loss of $214.9 million for 2022.

Edited by Stacy Elliott.