eToro, the global trading and investment platform, has officially filed for a U.S. IPO, revealing a 46% surge in commission revenue and soaring profits in 2024. As investor interest in retail trading and crypto markets rebounds, eToro positions itself for a NASDAQ debut under the ticker “ETOR”—marking one of the most closely watched IPOs in the fintech space this year.
Retail trading platform eToro Group Ltd. has formally filed for an initial public offering (IPO) in the United States, disclosing strong financial results for 2024. The Israel-based company reports a substantial increase in total commission and profit during the year, as investor interest in stocks and digital assets gained momentum. This move marks eToro’s latest attempt to go public, following a previously failed merger in 2022.
Founded in 2007, eToro provides a platform that allows users to trade various assets including stocks and cryptocurrencies, while also offering social trading features that enable individuals to follow and mirror top investors. The company’s filing reflects a broader trend of high-growth firms pursuing listings in 2025, amid an improving IPO environment and growing optimism in global financial markets.
Commissions and profit show significant year-on-year growth
According to the filing with the US Securities and Exchange Commission (SEC), eToro generates a total commission of $931 million in 2024, representing a 46% rise from $639 million the previous year. Net income increases more than twelvefold, reaching $192.4 million compared to $15.3 million in 2023. The growth in earnings underlines the platform’s strong performance in a volatile yet profitable trading environment.
Retail trading activity surges in 2024 as global equity markets reach record highs. The rise in investor risk appetite is driven by easing recession fears, strong corporate earnings, and expectations of interest rate cuts by the Federal Reserve. These factors contribute to a return of individual investors to the market, with a sharp increase in speculative trading and options activity.
Cryptoassets play a key role in revenue growth
Cryptoassets form a significant portion of eToro’s business, accounting for 38% of commission income from trading activity in 2024. This is more than double the share in the previous year, which stood at 17%. The surge in digital asset trading aligns with a broader rally in the crypto market during the year, which is attributed partly to political developments such as the return of President Donald Trump, known for a pro-crypto stance.
In terms of overall revenue, eToro reports $12.6 billion in 2024, up from $3.89 billion in 2023. Of this, cryptoassets contribute approximately $12.1 billion, making up 96% of the total. However, the cost of revenue from cryptoasset trading is also high, reported at $11.8 billion.
IPO plans signal strategic growth intent
The IPO is led by major financial institutions including Goldman Sachs Group Inc., Jefferies Financial Group Inc., UBS Group AG, and Citigroup Inc. Both eToro and some of its shareholders intend to sell shares as part of the offering. The proposed size and price range for the share sale will be announced in a future filing, closer to the launch of the marketing phase.
The company aims to list on the NASDAQ stock exchange under the ticker symbol “ETOR”. This move comes after eToro cancelled its prior public listing plans in 2022, when a planned merger with Betsy Cohen-backed FinTech Acquisition Corp. was terminated by mutual agreement.
Market outlook and investor sentiment
eToro’s IPO follows recent filings by several other technology and consumer-focused firms, reflecting a rebound in the IPO market after years of limited activity. Analysts anticipate that easing interest rates and growing risk appetite will fuel new listings in 2025. However, they caution that the success of upcoming IPOs will be crucial in determining the direction of the broader market.
“Management and owners are clearly seeing a ‘window of opportunity’ to take their companies public now,” says Josef Schuster, CEO of IPOX, which develops IPO-focused investment indexes.
Schuster adds, “The IPO will provide the company with the flexibility to potentially expand beyond crypto to capture the generational opportunities opening up from the rise of the retail investor globally.”
In March 2023, eToro raised $250 million in a funding round that valued the company at $3.5 billion. The platform’s current IPO filing suggests a renewed strategy to capitalise on investor enthusiasm and market momentum.
As eToro prepares to list publicly in the United States, the platform’s strong financial performance and focus on retail trading position it favourably among the growing list of firms seeking to benefit from a recovering IPO landscape. Backed by leading underwriters and driven by increasing user demand for both traditional and crypto assets, eToro’s latest step may prove pivotal in its growth and expansion plans in global financial markets.
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