Social-trading platform eToro became the first company to list in New York after recent tariff volatility froze the U.S. IPO pipeline.
Shares opened at $69.69, well above the offer price, giving the Israeli fintech a $5.64 billion valuation and signaling revived risk appetite among investors.
Demand beats expectations
The float was upsized to 11.9 million shares after strong book-building, raising nearly $620 million and topping earlier targets of up to 10 million shares.
BlackRock committed up to $100 million as a cornerstone buyer, while banks led by Goldman Sachs and Jefferies underwrote the deal.
Growth metrics impress backers
Revenue from crypto trading almost quadrupled to $12.15 billion in 2024, and funded accounts climbed across 75 countries.
CEO Yoni Assia credits product breadth and community features that let users “get more educated about the crypto markets” and, by extension, traditional assets.
Regulatory landscape easing
The listing comes days after Coinbase joined the S&P 500 and amid an SEC retreat on several enforcement cases under the more crypto-friendly Paul Atkins.
eToro’s own U.S. crypto roster remains limited to bitcoin, ether and bitcoin cash following a 2024 settlement, but management says expansion will follow clearer rules.
Market-wide implications
Analysts view the debut as a litmus test for fintech valuations and a possible green light for delayed offerings from Chime and Klarna.
With shares up roughly 30 % on day one, eToro has reignited hopes that investors will reward profitable growth stories even in a higher-rate environment.