eToro, the crypto and stock trading platform, is stepping up its game by increasing the size of its IPO to a whopping $620 million. They’ve priced their shares above the initial suggested range, with each share now going for $52. This puts their initial share offering over 11.92 million shares, set to hit the Nasdaq Global Select Market on May 14 under the ticker ETOR.
Originally, eToro was aiming to raise $500 million, offering 10 million shares priced between $46 to $50 each. But clearly, the crypto and stock trading buzz is hot, so eToro raised the stakes. The share offering will stay open until at least May 15, and it involves over 5.9 million shares from eToro itself and another 5.9 million from existing shareholders.
Based in Israel, eToro’s move to go public marks its entry into the battle with Robinhood Markets Inc. (HOOD), which went public in July 2021 and has seen its stock surge over 67% year-to-date, according to Google Finance. Talk about a tough competitor.
eToro first made confidential filings with the SEC back in January, but the company officially announced its public offering plans on March 24. Not to be outdone, fintech giant Chime is also eyeing a Nasdaq listing under the ticker CHY, though their share numbers and price range are still TBD. Renaissance Capital even speculated that Chime could raise as much as $1 billion in its IPO.
More Crypto Firms Are Eyeing the Public Markets
It’s not just eToro stepping into the IPO ring. Other crypto companies are eyeing the public markets, too. Kraken, the popular crypto exchange, is reportedly mulling a public offering this year, and stablecoin issuer Circle had filed with the SEC in April before hitting pause when global markets tanked after Trump’s tariff announcements.
In a bit of déjà vu, crypto custody service BitGo launched a global over-the-counter trading desk in February, fueling speculation that it’s gearing up for its own IPO later this year.
Will Crypto Unicorns Go Public in 2025?
According to Bitwise’s predictions last December, at least five crypto unicorns could go public in 2025. These include Circle, Kraken, Figure (a crypto exchange), Anchorage Digital (a crypto bank), and Chainalysis (a blockchain analytics firm).
In 2021, Coinbase was the first major crypto firm to list on the Nasdaq, marking a milestone for the industry. Now, with eToro joining the public ranks, it looks like the crypto world is preparing for more IPOs to hit the market soon.
HODL Team
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