eToro files for IPO, cryptocurrency revenues drive total revenues to $12.6 billion by 2024

Odaily News Israeli trading platform eToro has submitted an initial public offering (IPO) application to Nasdaq, planning to go public under the code "ETOR". Previously, the company's plan to go public through a SPAC merger in 2021 was canceled due to market conditions. According to the prospectus, eToro's revenue will more than triple to $12.6 billion in 2024, with cryptocurrency-related revenue increasing from $3.4 billion in 2023 to $12.1 billion. Net income jumped from $15.3 million in 2023 to $192 million in 2024. eToro plans to raise $300 million to $400 million, with a valuation of approximately $4.5 billion, lower than the $10.4 billion valuation sought in 2021. The IPO is underwritten by investment banks such as Goldman Sachs, Jefferies, UBS and Citi.
(coindesk)