eToro announces U.S. IPO with potential $4B valuation

eToro is preparing for an initial public offering (IPO) in the United States, which could value the company at up to $4 billion. The firm plans to list 10 million Class A common shares on the Nasdaq under the ticker symbol ETOR, priced between $46 and $50 per share.

IPO on the Horizon: Another Attempt to Go Public

eToro Group Ltd has filed a registration statement with the U.S. Securities and Exchange Commission (SEC), although it has not yet become effective. The offering includes shares from the company itself, as well as from certain existing shareholders and affiliated parties.

The underwriters for the IPO include major financial institutions: Goldman Sachs & Co. LLC, Jefferies, UBS Investment Bank, and Citigroup.

Blackrock’s Interest and Internal Program

According to the filing with the SEC, investment giant BlackRock has expressed interest in purchasing up to $100 million worth of eToro shares at the IPO price. Additionally, around 500,000 shares have been reserved for the company’s targeted equity program.

Background: SPAC Failure and the AIA Deal

In 2021, eToro planned to go public via a merger with a SPAC entity. At that time, the company was valued at $10.4 billion, but the deal ultimately fell through. Later, eToro secured $250 million through an Advanced Investment Agreement (AIA), effectively a pre-sale of shares to selected counterparties.

In April 2025, the company reportedly postponed its IPO presentation due to unfavorable market conditions, including the tariff policy introduced by President Donald Trump’s administration.

eToro and the Crypto Market

Amid growing regulatory pressure in the U.S., eToro began limiting access to certain cryptocurrencies in 2023. Initially, support for several tokens was suspended, and later, most cryptoassets were removed from the platform entirely.

The upcoming IPO could mark a turning point for eToro as it seeks to reestablish its position in the U.S. financial market following a series of setbacks.