EToro Files for IPO Showing Commissions Jumped 46% Last Year
(Bloomberg) -- EToro Group Ltd. filed for an initial public offering, disclosing revenue and net income that soared last year.
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The trading and investment platform brought in a total commission of $931 million in 2024, with net income of $192 million, according to a filing Monday with the US Securities and Exchange Commission. That compares with a commission of $639 million, a 46% increase, and net income of $15.3 million the prior year.
The proposed size and price range for the share sale will be disclosed in a later filing, when EToro is ready to begin marketing the offering.
EToro's filing follows moves to go public by several other high-profile firms, with investors eyeing a rebound in the IPO market this year.
Cryptoassets contributed 38% of the company's commission from trading activity last year, up from 17% the year before. Digital assets rallied in 2024 as President Donald Trump, who had struck a pro-crypto stance, returned to power.
EToro had $12.6 billion in total reported revenue in 2024, up from $3.89 billion in the prior year. Cryptoassets made up $12.1 billion, or about 96%, though the cost of revenue from cryptoassets was $11.8 billion.
EToro's platform allows users to trade and follow top investors in assets including stocks and crypto. Founded in 2007, the Israel-based company previously tried to go public through a merger, at a $10.4 billion valuation, with a special purpose acquisition company. The parties agreed to terminate that deal in 2022.
The IPO is being led by Goldman Sachs Group Inc., Jefferies Financial Group Inc., UBS Group AG and Citigroup Inc. EToro and some of its shareholders are set to sell shares.
EToro is seeking a Nasdaq listing under the ticker ETOR.
(Adds commission figures and additional crypto figures in second, fifth and sixth paragraphs.)
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