The retail crypto app and stock trading app could go public in the US at a valuation of $5 billion.
Etoro, a major retail stock and cryptocurrency platform, has filed for an IPO, according to a January 16 Financial Times report.
The company has confidentially filed with the United States Securities and Exchange Commission (SEC), the newspaper’s anonymous sources say. The firm could carry out the initial public offering in the second quarter of 2025.
Several banks, including Goldman Sachs, Jefferies and UBS, are reportedly involved. Etoro and the banks have not commented on or confirmed the reports.
Etoro could reach a valuation of $5 billion through the IPO. That’s higher than its previous valuation of $3.5 billion, which was reported during a 2023 funding round. Both numbers are lower than its 2021 valuation of $10.4 billion, which was reported when the company tried without successful a SPAC deal about four years ago.
Etoro’s largest competitor, Robinhood, went public in 2021. Robinhood Incidentally established with the SEC in January, although the deal does not appear related to the agency’s pending legal action against Robinhood’s crypto unit.
The Financial Times previously reported in March 2024 That Etoro was considering an initial public offering in New York or London.
At the time, the company’s consideration for a US listing was motivated by a desire to reach a wide range of investors globally.
Although Etoro is based in Israel and has a significant UK presence, CEO and founder Yoni Assia believed that few global clients would trade UK shares.
By contrast, a U.S. listing would attract investors internationally, including those from the U.K. and Germany, he said. Assia added that the US market “creates a pool of deep liquidity and deep awareness” for the assets trading within it.
Etoro was launched in 2007 with a focus on stocks and financial markets. Access to cryptocurrencies was added around 2013.
Although crypto trading remains a core feature, the US SEC has weakened Etoro’s ability to provide crypto features to the US market.
In September 2024, Etoro settled with the SEC, which alleged that the company operated an unregistered broker and clearing agency. Etoro was not required to admit or deny the findings, but paid a $1.5 million fine and discontinued most of its cryptocurrency listings for US users.
As of 2025, Etoro only provides bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH) trading to users in the United States. In some states, access is excluded altogether.
Etoro offers a wider selection of crypto to users in other jurisdictions. In January, it said it supported more than 100 cryptos announced the addition of five new tokens.
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