Crypto and equity trading platform, eToro, has increased the size of its initial public offering (IPO) to a whopping $620 million, pricing its shares above the previously proposed range. The platform, along with its supporters, offloaded more than 11.92 million shares at $52 per share, set to commence trading on the Nasdaq Global Select Market on May 14 with ticker symbol ETOR, according to a press release on May 13.
The initial plan was to raise $500 million by offering 10 million shares at a price range of $46 to $50 each. The share offering is set to remain open until at least May 15 and consists of over 5.9 million shares sold by eToro and a similar number sold by specific existing shareholders.
Based in Israel, eToro will enter the public market as a competitor to Robinhood Markets Inc. (HOOD), which debuted in July 2021 and has seen its shares soar over 67% year-to-date, as per Google Finance.
eToro initially submitted confidential filings with the SEC for a public offering in January, before publicly revealing its plans on March 24. Also in the race to go public is digital banking fintech firm Chime, which has applied to list its stock on the Nasdaq Global Select Market under the ticker symbol CHY. The number of shares and price range have yet to be finalized.
Other crypto-based companies, including crypto exchange Kraken, are also exploring the possibility of going public. Meanwhile, stablecoin issuer Circle filed with the SEC on April 1, then paused its plans following President Donald Trump’s tariff announcements on April 2.
Last December, crypto exchange-traded fund issuer Bitwise projected that at least five crypto unicorns, including Circle, crypto exchanges Kraken and Figure, crypto bank Anchorage Digital, and blockchain analytics firm Chainalysis, will go public in 2025. In 2021, Coinbase became the first major crypto company to go public in the US, listing its shares on the Nasdaq.
