EToro Files for $4.5 Billion Nasdaq IPO

eToro has filed for an initial public offering (IPO) on the Nasdaq, targeting a valuation of around $4.5 billion following substantial revenue growth driven by cryptocurrency trading. The company's revenue surged to $12.6 billion in 2024, with 96% of that coming from crypto trading, and net income rose dramatically from $15.3 million in 2023 to $192 million. This move follows a previous unsuccessful SPAC merger attempt in 2021 and comes as the company aims to capitalize on the mainstream adoption of crypto trading. eToro plans to list its shares under the ticker symbol 'ETOR' and has enlisted major banks including Goldman Sachs and Citigroup to lead the IPO. The filing highlights a significant increase in user accounts, now totaling approximately 3.5 million, as the company focuses on expanding its market presence. Additional details regarding the number of shares and pricing are expected in future filings.