eToro Revives IPO Bid with $4B Valuation, Highlights Crypto Strength

Neobroker eToro is making a second attempt at an IPO, targeting a valuation of approximately $4 billion. The IPO prospectus reveals that crypto trading is a core business for eToro.

The neobroker eToro has more than 35 million customers worldwide, a good 4 million of whom are said to be based in Germany. In the crypto scene, eToro is particularly attractive to beginners who want to start trading Bitcoin and other cryptocurrencies conveniently and easily.

Now, eToro is set to go public. In a press release and preliminary prospectus, eToro has presented key details. Initially, 10 million shares will be offered at a price range of $46 to $50, which would generate up to $500 million for eToro. This results in a total valuation of around $4 billion.

eToro’s initial stock market plans in 2021 failed

eToro had already prepared an IPO in 2021, hoping for a valuation of around $10 billion at the time. However, the project was canceled amid turmoil in the crypto markets.

Now, the neobroker apparently sees the market environment as more positive; the first media reports about an eToro IPO this year circulated as early as January. In its bid to attract shareholders, the neobroker is now highlighting its crypto division.

eToro’s crypto division accounts for a good third of its total business

CEO Yoni Assia writes that they are one of the “pioneers in the crypto scene.” In fact, Bitcoin was added to the portfolio as early as 2013, and from 2017 onwards, many altcoins followed, initially well-known ones like Ethereum, and later increasingly small-cap stocks and even meme coins. Around 100 cryptocurrencies can now be traded on eToro, contributing 37 percent of total commissions in the first quarter of 2025.

Only stocks are more important for the neobroker, accounting for 43 percent of total revenue. With Bitcoin, Ethereum, and other cryptocurrencies, eToro generated a good $12 billion in revenue last year, a significant jump of $3.4 billion in 2023. eToro also points to the high volatility of the crypto markets as a risk to its business model.

Conclusion: eToro as an alternative to Coinbase on stock markets

Unless the management gets cold feet again, the IPO is expected this summer. So far, only Coinbase has been represented as a trading platform in the crypto industry. The crypto exchange made its initial public offering in April 2021, when Coinbase achieved an initial valuation of just over $80 billion, and has since experienced a share price that has reacted sensitively to trends in the crypto markets.

Competitor Kraken is eyeing an IPO in early 2026. With its model of offering a broad range of asset classes under one roof, eToro is only partially comparable to pure-play crypto exchanges. eToro is pleased about the interest of the world’s largest asset manager, BlackRock, in purchasing $100 million of shares in the offering, as documented in the IPO prospectus. This is also an indication that broadly positioned neobrokers like eToro, with its crypto division, are now being taken seriously on Wall Street.

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(Featured image by Yan Krukau via Pexels)

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