The ETORO commercial platform is preparing to make public in the United States with a targeted evaluation of up to $ 4 billion, according to a recent regulatory deposit.
The Stock and Crypto negotiation company plans to register on the world Nasdaq market under the “etor” ticker.
In the documents subject to the Securities and Exchange Commission of the United States (SEC) on May 5, Etoro revealed that the plans to raise $ 500 million thanks to the sale of 10 million shares, at a price between 46 and $ 50 each.
Half of the shares – 5 million – will be issued by the company, while the remaining 5 million will be offered by existing shareholders.
These include the co-founder and CEO Yoni Assia, his brother Ronen Assia and eminent investors such as Spark Capital, BRM Group and Andalusia Private Capital.
Etoro, which offers exchanges based on the commission in action and cryptocurrency, is positioned as a competitor of companies like Robinhood.
Although Robinhood reported a drop in cryptography trade during the first quarter, its shares have climbed almost 30% since the start of the year.
The file also notes that the BlackRock investment giant has shown interest to buy up to $ 100 million in stocks at the IPO.
In addition, 500,000 shares have been reserved for a directed action program, generally intended for employees and first supporters.
Crypto remains a large part of ETORO’s activities, with $ 12.1 billion in Crypto income in 2024, compared to $ 3.4 billion in 2023.
However, the company expects Crypto to represent a slightly smaller part of its total negotiation commissions in the first quarter of 2025 compared to the previous year.
Despite the momentum, Etoro recognized the potential opposite winds.
These include the risks of retention of users linked to the negative feeling of the media concerning the enumerated cryptocurrencies, as well as the regulatory pressure of the American laws of the European Union and the Crypto-Active Regulations (MICA), which, according to the company, will result in current compliance costs.
Etoro initially deposited confidentially to the SEC in January before publicly announcing his IPO plans in March.
The offer was delayed following the turbulence of the market launched by the April 2 commercial policy announcements by President Donald Trump, who affected many planned announcements.
More cryptographic companies expect an IPO
Other Crypto companies, including Circle and Kraken, also explore the IPOs, signaling a wider thrust from the industry to public procurement. Etoro’s offer will be directed by Goldman Sachs, Jefferies, UBS Investment Bank and Citigroup.
The plans to explore the IPOs come in the midst of increasing regulatory clarity in the United States.
As indicated, Paul Atkins has taken an oath as president of the dry, marking a change in leadership which is greeted by the digital asset industry.
Under the direction of Atkins, the SEC has already withdrawn or delayed several important cases against cryptographic companies.
The agency abandoned its prosecution against Coinbase and Cumberland DRW earlier this year, and a separate survey on the Laboratoires Uniswap closed in February without action in application.
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