eToro Targets $4B Nasdaq IPO with $500M Raise and BlackRock Backing

eToro plans to raise $500M and go public on Nasdaq at a $4B valuation, with BlackRock expressing interest in $100M worth of shares.

eToro, the Israel-based trading platform known for offering both stock and cryptocurrency trading to retail users, is setting its sights on Wall Street. The company has officially filed for a U.S. initial public offering (IPO) and is aiming to raise $500 million at a valuation of up to $4 billion, according to a May 5 SEC filing.

The IPO plans include 10 million shares priced between $46 and $50 each, with half being offered by eToro and the other half by existing stakeholders. Notable sellers include CEO and co-founder Yoni Assia, executive director Ronen Assia, and investment firms such as Spark Capital, BRM Group, and Andalusian Private Capital.

eToro intends to list on the Nasdaq Global Select Market under the ticker “ETOR,” positioning itself as a direct competitor to Robinhood (HOOD). While Robinhood has seen a decline in crypto trading volume during Q1 2025, its share price has surged nearly 30% year-to-date, underscoring the growing interest in retail-focused fintech platforms.

Adding further momentum to the IPO, eToro disclosed that select BlackRock funds have expressed interest in purchasing up to $100 million worth of shares. Additionally, 500,000 shares have been reserved for a directed share program, commonly allocated to employees.

The firm’s revenue from crypto trading soared in 2024, reaching $12.1 billion—more than triple the $3.4 billion recorded in 2023. However, the crypto segment’s share of trading commissions dipped to 37% in Q1 2025, down from 43% the year prior, signaling a slight diversification in income sources.

Despite the fluctuation in crypto’s share of revenue, eToro’s strong financial growth and IPO aspirations suggest a maturing business model ready for broader public market scrutiny. With major names like BlackRock circling and Nasdaq listing ahead, eToro’s next chapter could reshape the landscape for multi-asset retail trading globally.

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