eToro begins Nasdaq trading after nearly $620 million IPO

eToro Group began trading on the Nasdaq Global Select Market under the ticker ETOR on May 14, 2025, completing one of the largest public-market debuts yet for a brokerage substantially exposed to cryptocurrency trading.

The company and existing shareholders sold 11,923,018 Class A common shares at an offering price of $52 each. Multiplying those figures produces aggregate gross proceeds of $619,996,936, before underwriting discounts, commissions and expenses. That total was divided evenly: eToro issued 5,961,509 shares, while selling shareholders offered the same number. The company’s own gross proceeds were therefore approximately $310 million before costs; the remainder went to the selling shareholders.

A strong first session

ETOR opened at $69.69 and reached an intraday high of $74.28 before closing the May 14 regular session at $67, according to contemporaneous market reporting. The close was $15 above the $52 offering price, a calculated gain of 28.8%. That percentage compares the closing trade with the IPO allocation price, not with a previous market close, because no prior public trading session existed.

The offering had already been expanded from 10 million shares and priced above the previously indicated $46-to-$50 range. Those terms, followed by the first-session premium, indicated that investors were willing to absorb more shares at a higher price than the preliminary prospectus contemplated. They did not establish how ETOR would trade after its debut or how the company’s operating results would develop.

The May 14 performance also carried meaning beyond eToro. The company reached the market after tariff-related volatility had disrupted the U.S. IPO calendar and delayed several prospective listings. Its reception supplied a real transaction-level test of demand for a newly listed financial-technology company rather than another private funding valuation or proposed offering.

Crypto exposure inside a broader brokerage

eToro was not a cryptocurrency-only company. Its platform combined equities, commodities, currencies and cryptoassets with social and copy-trading features. The crypto component was nevertheless material enough to make the listing significant for the digital-asset industry.

In its prospectus, eToro estimated that cryptoassets accounted for 37% of commission from trading activity during the three months ended March 31, 2025, compared with 43% during the corresponding 2024 quarter. It estimated March 31, 2025 assets under administration at $14.8 billion, up from $12.2 billion one year earlier. These were company estimates available at the offering stage, not audited full-quarter results.

For the year ended December 31, 2024, eToro reported $192 million in net income and $931 million in total commission. It also reported $12.147 billion of revenue from cryptoassets, up from $3.431 billion in 2023. That crypto-revenue figure requires care: the company recorded sales of underlying cryptoassets gross, alongside an $11.816 billion cost of cryptoasset revenue in 2024. It should not be treated as equivalent to commission, net trading contribution or conventional brokerage revenue.

What the debut established

The verified development on May 14 was narrow but important: a regulated, multi-asset trading platform with substantial crypto activity obtained a Nasdaq listing and finished its first session well above the offering price. It gave public investors a new listed instrument through which to value the economics and risks of retail digital-asset participation alongside traditional investing products.

The first-day premium was evidence of demand for the offering, not proof of durable value or a forecast for cryptocurrency prices. eToro’s prospectus identified market volatility, regulation, trading activity and user engagement among the variables that could materially affect the business. Those uncertainties remained unresolved at the May 14 close.