eToro’s Nasdaq IPO marks a major milestone for the trading platform, with the crypto boom playing a key role in its valuation surge. As digital assets gain mainstream traction, eToro’s public debut reflects the growing influence of cryptocurrency in global finance.
A platform based in Israel has revealed that it has submitted the required registration statement with the U.S. Securities and Exchange Commission (SEC). If allowed, eToro’s shares will be traded under the ticker name “ETOR.”
Crypto trading has been key to eToro’s recent financial performance. The company forecasted higher revenue for 2024 on the back of increased trading in digital assets. The percentage of eToro’s overall commissions coming from crypto trading has increased significantly.
eToro is trying to go public in the U.S. stock market relevant to 2024. The plan was to take the company public via a special purpose acquisition company (SPAC) merger in 2021, a deal that would value eToro at more than $10 billion. However, the deal fell through because of adverse market conditions. With cryptocurrency making a comeback and increasing the number of retail investors, eToro is once again paving the way for a significant listing.
eToro has attracted significant interest from investment banks, including Goldman Sachs, Jefferies, UBS, and Citigroup, who are coordinating the underwriting for its bid to go public. Analysts say the valuation of the company could go up to $5 billion, depending on demand.
The global financial influence of digital assets has led eToro to file to go public or have an IPO. The company’s leadership thinks that a listing in the United States means gaining more visibility and a wider range of investors. eToro may be based in Israel but has customers spread worldwide, with particularly notable user bases in Europe and the UK.
With the process of IPO now officially launched, eToro is gearing up for a potentially transformative step in its journey. Investors and market watchers will closely observe how the firm fast-tracks its listing at the New York Stock Exchange, with the backdrop of intermediary trading and crypto trading exchanges.
