Crypto Trading Platform eToro Stock Shares Jump Nearly 30% on IPO Day at Nasdaq

The company initially aimed to raise $500 million by selling 10 million shares but ended up selling nearly 11.92 million shares, split between eToro and existing shareholders. According to a May 5 SEC filing, funds managed by BlackRock showed interest in buying up to $100 million worth of shares. Robert Francis, eToro Australia’s managing director, said the IPO highlights how retail investing is here to stay and not just a passing trend.

In contrast, eToro’s rival Robinhood (HOOD) saw its stock fall by 1.9% to $61.39, dropping further after hours. eToro reported $12.1 billion in crypto revenue for 2024, a sharp rise from $3.4 billion in 2023. However, it expects crypto’s share of total trading commission to dip from 43% in Q1 2024 to 37% in Q1 2025. The IPO was led by Goldman Sachs, Jefferies, UBS, and Citigroup, and marks a comeback for IPOs after delays due to Trump’s recent tariff moves.