eToro prices IPO above range at $52 a share to raise $620M

eToro, a crypto and stock trading platform, successfully completed a larger-than-expected initial public offering (IPO), raising $620 million. The company priced its shares at $52 each, exceeding its initial projected range of $46-$50. Over 11.92 million shares were sold, with eToro and existing shareholders contributing equally. Trading begins May 14th on the Nasdaq Global Select Market under the ticker symbol ETOR. The offering remains open until at least May 15th.

This IPO positions eToro as a competitor to Robinhood Markets Inc. (HOOD), which has seen significant year-to-date growth. eToro’s move follows confidential SEC filings in January and a public announcement in March.

Another fintech company, Chime, is also preparing for a Nasdaq IPO under the ticker symbol CHY, with potential fundraising reaching $1 billion according to Renaissance Capital. However, details regarding share count and price remain undisclosed.

The crypto space is witnessing a surge in IPO activity. Kraken, a prominent crypto exchange, is reportedly considering going public this year. Circle, a stablecoin issuer, initially filed with the SEC but temporarily paused its plans following market disruptions. BitGo, a crypto custody services firm, established a global over-the-counter trading desk in February, suggesting preparations for a future IPO.

Bitwise’s prediction of at least five crypto unicorns going public by 2025—including Circle, Kraken, Figure, Anchorage Digital, and Chainalysis—highlights the growing interest in crypto IPOs. Coinbase’s successful 2021 Nasdaq listing paved the way for this trend. The increasing number of crypto companies pursuing public offerings signifies a significant shift in the industry, blurring the lines between traditional finance and the decentralized world of cryptocurrency. This trend underscores the maturing of the crypto market and its integration into mainstream financial systems.