eToro jumps 30% on Nasdaq debut after upsized IPO
eToro's share price increased nearly 30% during its Nasdaq debut, closing at $67, up from an initial offering price of $52, resulting in a market value exceeding $5.5 billion. The company raised $620 million by selling over 11.92 million shares, surpassing its initial goal of $500 million. Interest from BlackRock-managed funds indicated potential purchases of up to $100 million at IPO. eToro reported projected crypto revenue of $12.1 billion for 2024, with crypto expected to account for 37% of trading commission in Q1 2025. The IPO was led by Goldman Sachs, Jefferies, UBS Investment Bank, and Citigroup. eToro's public offering follows a period of halted IPOs due to market instability caused by tariffs. The company previously attempted to go public in 2021 but abandoned plans amid market downturns. Other crypto firms, including Kraken and Circle, are also considering public offerings this year.
