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In 2024, eToro reported commissions of $931 million in 2024 on net income of $192 millionKey Takeaways
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Shares of eToro soared on the company's first day of trading.
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The retail trading platform raised proceeds of roughly $310 million after pricing its IPO above its target range.
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The deal marked the latest development at a time when several fintech firms are moving toward public listings.
Shares of eToro (ETOR) are flying after the Israel-based retail trading platform made its public debut on the Nasdaq.
The stock recently traded around $68, a bit below its open just under $70 but more than 30% above its initial public offering price of $52 per share. The Robinhood (HOOD) rival sold just under 6 million shares, generating roughly $310 million in proceeds. The $52 IPO price was above eToro’s target range of $46 to $50 per share.
In 2024, eToro reported commissions of $931 million on net income of $192 million, rising from $639 million in commissions on net income of $15 million the year before. A big reason for that was an increase in crypto assets trading, which made up 38% of eToro’s commissions in 2024, more than doubling from 2023, according to its IPO filing.
The IPO was not eToro’s first attempt to go public. The company in 2021 said it planned to merge with a special purpose acquisition company in a deal that would have valued it at more than $10 billion, but the transaction was abandoned more than a year later.
Another fintech firm, Chime, earlier announced plans for an IPO, one of several expected in the space.
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