In this IPO, Circle and its investors offloaded 34 million shares at $31 each, setting the company’s valuation at approximately $8 billion on a fully diluted basis. The IPO was initially promoted with a share price range of $27 to $28.

This public debut of Circle is among the largest of the year, coming at a time when the markets have been shaken by trade policies from the Trump era, causing firms planning to go public to adopt a cautious stance.

Nevertheless, the public market entry of firms like Israeli fintech eToro has brought a sigh of relief to investors observing new public offerings.

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On May 14, eToro Group Ltd (ETOR) ended the trading day with shares priced at $67. This represented a 28.9% rise from its initial offering price of $52, as per Yahoo Finance data. Consequently, the company’s market capitalization now surpasses $5.5 billion.

The stock price peaked at $74.26 during the trading day, before settling down, and further declined by 0.7% after the market closed, reaching $66.53.

The day prior, eToro augmented its IPO to $620 million, pricing its shares above the formerly suggested range of between $46 to $50. Initially, eToro intended to raise $500 million by offering 10 million shares. However, the firm and its investors sold over 11.92 million shares at its IPO, with eToro and some of the existing shareholders sharing the proceeds equally.

Some funds and accounts managed by BlackRock indicated their intention to buy up to $100 million worth of shares at IPO, as per the May 5 filing eToro made with the Securities and Exchange Commission.

Meanwhile, eToro’s competitor Robinhood Markets Inc. (HOOD) saw its share price drop by 1.9% to $61.39, with losses further increasing by 1.63% after the market closed, as per Yahoo Finance.

In its regulatory filing, eToro revealed that its total 2024 crypto revenue, derived from sources like trading fees and withdrawals, stood at $12.1 billion, a significant leap from $3.4 billion in 2023. The company also expects crypto to represent 37% of its trading commission revenue in Q1 2025, down from 43% in Q1 2024.

The IPO was spearheaded by Goldman Sachs, Jefferies, UBS Investment Bank, and Citigroup.

Despite the tariff turmoil, eToro’s IPO signifies the resurgence of public offerings in the US. Many companies had postponed their public offering plans due to the market instability caused by President Donald Trump’s comprehensive tariffs.

eToro had originally planned to go public in 2021 via a merger with a special purpose acquisition company, valuing the company at $10 billion. However, due to the adverse market conditions brought about by the COVID-19 pandemic and stubborn inflation, this plan was shelved in 2022.

Crypto exchange Kraken and stablecoin issuer Circle, among others, are also considering going public this year.

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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.

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Twitter is taking a step further into the world of trading with the introduction of a new partnership with eToro, a leading social trading and investing network. This collaboration will integrate real-time asset prices into Twitter’s $Cashtags feature, bringing the world of finance closer to the popular social media platform. Elon Musk, Twitter’s owner, has been actively moving the platform towards the financial industry, and this partnership is a significant milestone in that journey.

The integration will allow Twitter users to easily access up-to-date prices for stocks, ETFs, commodities, and cryptos by simply searching using a $Cashtag symbol. This streamlined experience lets users click through to the eToro platform for more comprehensive information on the asset and the option to invest. Yoni Assia, CEO and Co-Founder of eToro, emphasized the importance of social media in democratizing financial education and how the collaboration aligns with eToro’s founding principles of community, knowledge-sharing, and increased access to financial markets.

The Rise of $Cashtags on Twitter

Since introducing pricing data for $Cashtags in December 2022, the feature has experienced widespread adoption among Twitter users. With over 420 million searches for $Cashtags since the beginning of 2023, there are an average of 4.7 million searches daily. This activity tends to increase around significant earnings announcements, such as when Apple released its Q4 2022 earnings on February 2, 2023, prompting 8 million $Cashtag searches.

Some of the most commonly used $Cashtags include $TSLA (Tesla), $SPY (SPDR S&P 500 ETF), and $BTC (Bitcoin). The increased usage of $Cashtags is indicative of the growing trend of financial discourse on Twitter, with a recorded 498 million global tweets about business and finance in the first 90 days of 2023. Notably, 65% of these tweets originated from users aged 18-34.

Future Prospects and the #FinTwitter Community

Chris Riedy, Vice President of Global Sales & Marketing at Twitter, shared his excitement about collaborating with eToro, stating that the alliance aims to provide users with enhanced market insights and increased investment opportunities. The company plans to continue supporting the expansion of the #FinTwitter community, promoting conversation and engagement around finance and investing on the platform. This partnership between Twitter and eToro showcases the power of shared knowledge and the potential for group investing, taking social media and finance to new heights.

The partnership between Twitter and eToro will not only provide users with real-time asset prices but also give them access to valuable market insights. The collaboration is expected to encourage more people to engage in informed discussions about investments, sharing their own experiences and learning from others. This enhanced knowledge base can lead to better decision-making and more informed investment choices for Twitter users, ultimately contributing to the growth and success of the #FinTwitter community.

Long-term Impact and Vision

The long-term vision of this collaboration is to create an ecosystem where social media and finance are deeply intertwined, allowing users to access valuable financial information and investment opportunities with ease. As Twitter and eToro continue to develop their partnership, more features and tools could be introduced to further enhance the user experience and promote financial literacy. By fostering an environment where users can actively participate in financial conversations and access investment opportunities, this alliance has the potential to revolutionize the way people approach finance and investments through social media.

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eToro announced in March that they are ending the listing plans for Nasdaq. 

There would be no termination fees from the eToro if the agreement failed to go through. The merger between the EToro and acquisition corp V was first announced in March 2021. Also, the transaction deadline may complete on June 30. 

Why eToro and Corp V Ending Their Merger? 

Fintech Acquisition Corp V is a certain purpose acquisition company tackling mergers, capital stock exchange, asset acquisition, and stock purchase in the fintech industry. These kinds of companies are also known as “blank check companies.”

Moreover, both the companies might get the utmost disappointment with the result. 

Speaking of the crypto crash nowadays, the crypto market has experienced far worse incidents in recent times. 

Moreover, eToro appears to be facing the effects of the recent market crash as it has laid off 100 employees, about 6% of its workforce.

Mergers And Acquisitions Galore In The Crypto Market

In the past recent years, the number of acquisitions and mergers in the crypto market has been steadily growing. This is a natural development of a growing market, which has seen multiple companies expand exponentially in terms of valuation.

One of the most prominent acquisitions, though not exactly in the traditional crypto market, was Silvergate acquiring Meta’s Diem stablecoin. Coinbase has also acquired cryptographic security firm Unbound to bolster its security.

As for entities from the traditional finance space, the Deutsche Börse Group has acquired a majority stake in Crypto Finance AG. Developments like these showcase the rapidly increasing interest in the crypto space, despite the ups and downs the market faces.

Read More about: Crypto Crash – There is nothing to Panic, we have seen this before!

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eToro is amongst the pioneer trading apps that provide support for cryptocurrencies. In its latest figures reported, eToro has said that they have over  $9.4 billion worth of assets under management (AUM).

In its latest update for investors, the company said that crypto brought in 73% of their total commissions. Also, their commission from crypto trading grew by 2259%. For the same period in 2020, it was just $11.2 million.

Yoni Assia, the CEO and co-founder of eToro asserted: “Cryptoassets drove total commissions in the second quarter of 2021 reflecting strong interest from retail investors in crypto markets. Interest was diversified across the cryptos offered by eToro with the highest trading volumes in BTC, XRP, ETH, ADA and DOGE.”

Cryptocurrency trading is becoming increasingly popular and most trading platforms have reported a surge. In Q2 of 2020, crypto accounted for only 7% of eToro’s trading commissions which has now risen to 73%. 

The trading platform is also growing its user base. For the second quarter of 2021, they have 2.6 million new registered users. These figures represent a 121% increase in user acquisition when compared with the users acquired during the same period in 2020.

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In December 2020, the U.S. Securities and Exchange Commission (SEC) sued Ripple, along with the company’s CEO and chairman, for an illegal securities offering of XRP worth $1.3 billion. Since then, the SEC also amended its initial complaint to add accusations of XRP price manipulation. Earlier in March 2021, both the CEO and the chairman filed two separate motions to dismiss the lawsuit. In addition, more than 6,000 XRP supporters attempted to intervene in the proceedings, but their motion was declined.  

According to CoinTelegraph.com, a number of cryptocurrency exchanges delisted XRP or halted its trading after the announcement of the lawsuit. In particular, the source names such exchanges as Coinbase, Bitstamp, Binance.US, Bittrex, eToro, OKCoin, and more.

XRP is the seventh-largest cryptocurrency on CoinMarketCap.com, trading at around $0.574 at the time of writing.

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On Wednesday, March 17, Coinbase submitted an amendment to its S-1 filing with the U.S. Securities and Exchange Commission (SEC). In this amendment, the company registered 114.9 million shares to sell before the direct listing on Nasdaq, according to TheStreet. The company first announced its plans to go public in December 2020.

Coinbase is also now hosting “Ask Us Anything” on Reddit, with the CEO and executive team answering questions about their company and cryptocurrency. The thread will be open for users to ask questions until Friday, March 19, at 7 p.m. (PDT), and the company will answer questions that received the most upvotes.  

Cryptocurrency exchange Kraken reportedly considers following Coinbase’s example and going public via a direct listing in 2022, Decrypt says. Moreover, a trading platform eToro will also go public and have its Nasdaq stock market listing after completing a merger with FinTech Acquisition Corp. V.

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