Crypto, Stock Trading Platform eToro Soars to $5.4 Billion Market Cap After Nasdaq Debut
Shares of eToro closed 29% higher at approximately $67 after its Nasdaq debut, raising $310 million by selling 6 million shares at $52 each. The firm is valued at around $5.4 billion. eToro's IPO indicates a more favorable climate for crypto firms, despite previous regulatory scrutiny. The company generated $12.4 billion in revenue from digital assets last year, up from $3.4 billion in 2023, and held $113.2 million in digital assets as of December 31, 2024. eToro offers trading income through fees and management fees related to digital asset transfers. Following a settlement with the SEC, eToro limited its U.S. offerings to Bitcoin, Ethereum, and Bitcoin Cash. The firm allows users to stake cryptocurrencies, though this service is not available in the U.S. eToro suspended cryptocurrency trading in 2023 amid SEC lawsuits against other platforms.
