eToro Officially Files for U.S. IPO, Valued at $5 Billion, with Goldman Sachs and UBS as Lead Underwriters

03/26/2025

New Financial Trading Platform eToro Challenges US Stock Listing Again, Submits IPO Application to SEC on 3/25 with Target Valuation of $5 Billion

Officially Submitting IPO Application to SEC, Targeting Nasdaq Listing

eToro announced that it has submitted a Form F-1 registration statement to the US SEC, with plans to list on the Nasdaq Global Select Market under the ticker symbol “ETOR.” The statement is not yet officially effective and must await SEC approval.

According to foreign media reports, eToro had previously submitted a “confidential” application, and this marks its first public submission, which may indicate that an IPO is getting closer.

Target Valuation of $5 Billion, Possible Listing in Second Quarter

According to informed sources, eToro’s IPO is expected to achieve a valuation of $5 billion, with the earliest listing in New York anticipated in the second quarter of 2025. The following four major investment banks will serve as the lead underwriters for the IPO:

Goldman Sachs
UBS
Citigroup
Jefferies

Not the First Attempt to Go Public, Previous SPAC Efforts Failed

eToro had considered merging with Fintech Acquisition Corp V, a special purpose acquisition company (SPAC), back in 2021, with a valuation as high as $10.4 billion. However, due to a cooling market atmosphere and the collapse of FTX, both parties canceled the transaction in mid-2022, shattering the dream of a first listing.

eToro Founder Points Out US as Key, Targeting User-Friendly Crypto Trading Platform

Although the largest market for eToro remains in the UK, founder Yoni Assia stated that the goal is to expand globally and attract more capital, with the US market—characterized by deep liquidity and high attention—being the crucial stepping stone.

Since 2013, eToro has allowed users to trade Bitcoin, making it one of the earliest platforms in Europe to offer compliant BTC trading, thus being regarded as a “crypto-friendly brokerage representative.” With its simple interface and ease of use, eToro is particularly favored by novice investors and younger populations, allowing them to complete transactions for both stocks and cryptocurrencies in one stop.

Recent Fundraising Continues, Valuation Rises from $3.5 Billion to $5 Billion

eToro’s latest fundraising round occurred in 2023, raising $250 million and bringing its valuation to approximately $3.5 billion. If this IPO is successfully completed, the valuation will surge to $5 billion, showcasing impressive performance.

Risk Warning

Investing in cryptocurrencies involves a high degree of risk, and prices can be highly volatile, potentially resulting in the loss of your entire principal. Please evaluate risks carefully.