eToro, the Israeli digital asset exchange operator, has completed its initial public offering (IPO) at a price of $52 per share. This move raised nearly $310 million, with the company selling almost 6 million shares in the deal, valuing eToro’s business at approximately $4.2 billion.
Market Context
- Existing investors are also selling nearly 6 million shares as part of the deal.
- The successful IPO comes after a prolonged drought in listings due to rising interest rates and inflationary concerns.
- Other companies, such as online lender Klarna and ticket reseller StubHub, had initially planned to list this quarter but have since put their plans on hold due to tariff uncertainty. However, sources indicate that these companies will be back on track soon.
Related Developments
- Hinge Health, a digital physical therapy company, has started its IPO roadshow and plans to raise up to $437 million via an offering led by several major banks.
- Chime, a fintech firm, has filed its prospectus with the Securities Exchange Commission ahead of a potential US public listing. Chime currently offers checking accounts without overdraft fees or minimum balance requirements and aims "to become one of the largest banks globally."
eToro’s Growth
eToro’s success is notable given its expansion into new markets over the past few years. The company launched operations outside Europe in 2020, including in:
- Australia
- New Zealand
- South Africa
- Other countries with rapidly growing cryptocurrency adoption, particularly among younger populations (men aged 18-24).
According to a survey conducted last year by research firm GlobalWebIndex, this demographic accounts for most of eToro’s users.
Financial Performance
As a result of the growth in cryptocurrency adoption, eToro expects revenue from cryptoassets to have more than tripled last year, reaching over $12 million compared to less than $4 million the previous year. Additionally, net income jumped almost thirteenfold, increasing from just $15 million in the prior period ending December 31, 2022, to a record-breaking figure of $192.4 million for the full year ended December 31, 2023, according to the company’s annual report released yesterday afternoon.
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