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eToro Files Nasdaq IPO After Crypto Revenue Surge
Public Market Funding | March 31, 2025
Image: Freepik/macrovector
Trading platform eToro officially files to go public on Nasdaq as IPO interest builds
On March 24, 2025, an Israeli fintech platform known for social trading and crypto investments, eToro filed paperwork with the U.S. Securities and Exchange Commission, confirming intent to go public on the Nasdaq under the ticker symbol “ETOR". After several years of IPO uncertainty and decline, here's a
of 10 private fintech companies watching and waiting to see how IPOs in early 2025 perform before announcing their own.
About eToro
eToro is an Israeli fintech company with offices in Cyprus, UK, US, Australia, Germany and the UAE, and not currently available to Canadian residents. It's an online, multi-asset trading platform founded in 2007 where users can trade stocks, exchange-traded funds (ETFs), cryptocurrencies, and commodities. Uniquely it offers social trading features where users can view, follow, and copy the investment strategies of other traders. This innovation makes investing more accessible for those new to trading and financial markets.
See: 10 Fintech and Crypto IPOs 2025 – Boom or Bubble?
eToro is a digital-first platform that operates entirely online via web and mobile apps, reducing many of the barriers traditionally associated with investing. It was one of the first early fintech players to embrace crypto trading which helped democratize digital assets among retail investors. With a friendly UX/UI, real time data tools, and low starting requirements, eToro is often compared to fintech giants like Robinhood, Revolut, and Wealthsimple and is part of the broader movement to challenge incumbents by using new technologies to offer simpler, faster, and often cheaper alternatives.
eToro’s financial performance has been strong heading into 2025. In 2024, the company generated $931 million in commissions, an 31% increase over the year prior. Net income also jumped to $192 million from just $15 million the year before. Why the growth? A surge in crypto trading made up 38% of their commissions last year which is up more than double from 17% in 2023 per investopedia reporting.
IPO Market 2020-2025
Initial Public Offering markets have been hit or miss over the past five years, due to economic uncertainties, investor sentiment and global events. Below is an overview.
2020-2021 - IPO activity surged. Low interest rates and a bullish stock market created favourable conditions that leads to a record number of companies going public. In 2021, global IPO proceeds raked in $508.9 billion, an 80% increase compared to 2020.
2022-2023 -IPO decline/uncertainty. Due to rising inflation, rising interest rates, and geopolitical tensions, IPO momentum slowed in 2022 and 2023. Investors were caution leading to a big drop in IPO activity. In 2023, global IPO proceeds fell like a stone to around $117.9 billion, the lowest in the last decade.
2024 - IPO markets showed signs of recovery. While the U.S. led in IPO proceeds, India surpassed other countries in IPO volume, highlighting regional strengths. Private equity and venture capital-backed IPOs played a key role with tech, industrials, and consumer sectors leading activity.
2025 - pentup IPO demand / optimism Returns? With easing inflation and anticipation for further rate cuts, some confidence is returning to IPO outlook, proceeds in 2024 were up 45% and the number of IPOs also rose 40% from the previous year. Sectors like artificial intelligence, fintech and crypto are gaining traction due to a shift in the regulatory outlook, especially in the U.S. under the new administration. At the same time, tariffs and trade wars are dominating the narrative putting pressure on investor's outlook and economic uncertainty.
So after a period of volatility, IPO markets in 2025 appear to be ready for renewed activity but not without risks. As such, companies waiting in the IPO queue are watching with abated breath to see how proceeds and investor sentiment are before launching their own IPOs, including firms like BitGo, Gemini, Kraken, Circle, Klarna and Chime.
eToro's IPO Outlook
This isn't eToro's first kick at the IPO can. Back in 2021, eToro planned to list through a SPAC deal, a type of company that exists just to be taken over so firms can go public quickly. That deal would have valued eToro at over $10 billion but it fell through in 2022 according to investopedia.
See: How Fintechs Are Unlocking Value in Private Markets 2024
This time, eToro has big brand banks backing its IPO like Goldman Sachs, Jefferies, UBS, and Citigroup. If eToro’s IPO is successful, it could open the door for more tech and fintech firms that have been patiently watching on the sidelines and may finally be able to enter the public markets.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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