eToro files for Wall Street IPO after setback in 2021 

Israeli fintech company eToro has confidentially filed for an initial public offering (IPO) on Wall Street, as announced on Wednesday, signaling the potential end of a prolonged drought of Israeli listings.

While the company did not reveal specific financial details, market estimates suggest it is aiming for a valuation of at least $5 billion. eToro stated that further details will be released once the U.S. Securities and Exchange Commission (SEC) approves its filing.

This marks eToro’s second attempt at going public. In 2021, the company planned to list through a merger with a special-purpose acquisition company (SPAC) at double the expected valuation. However, regulatory concerns, particularly around its cryptocurrency trading activities, led to the cancellation of the deal. The delay occurred during a downturn in the tech sector and the bursting of the high-tech investment bubble, prompting eToro to cancel its SPAC listing.

Following a surge in Bitcoin prices after Donald Trump’s election victory, eToro has revived its IPO plans. Founded in 2007 by CEO Yoni Assia and his brother Ronen, eToro has continued to attract investment despite setbacks.

In 2023, the company raised $250 million in a private funding round, bringing its valuation to $3.5 billion. However, the delay in its IPO plans also resulted in workforce reductions, and eToro now employs approximately 1,700 people, including 1,000 in Israel.