Crypto and stock trading platform eToro has increased the size of its initial public offering (IPO) to $620 million after setting its share price higher than it first planned.
eToro and its investors sold more than 11.92 million shares at $52 each. The shares will begin trading on the Nasdaq Global Select Market on May 14 under the ticker symbol “ETOR,” according to a press release from eToro on May 13.
At first, eToro planned to raise $500 million by selling 10 million shares, with each share priced between $46 and $50.
The share offering will stay open at least until May 15. It includes over 5.9 million shares sold by eToro and another 5.9 million shares sold by certain current shareholders.
Israel-based eToro is going public as a competitor to Robinhood Markets Inc. (HOOD), which became a public company in July 2021. So far this year, Robinhood’s stock has gone up by more than 67%, according to Google Finance.
eToro first filed its plans for a public offering privately with the SEC in January. It then officially announced those plans to the public on March 24.
Digital banking company Chime has also applied to list its stock on the Nasdaq Global Select Market with the ticker symbol “CHY.” However, it hasn’t yet decided how many shares it will offer or the price range.
In a note to its clients on May 13, investment advisory firm Renaissance Capital suggested that Chime’s IPO could raise as much as $1 billion.
Crypto IPOs in the works
Other crypto companies are also thinking about going public. Crypto exchange Kraken reportedly plans to launch a public offering sometime this year.
Stablecoin issuer Circle filed with the SEC on April 1 but paused its plans after President Donald Trump’s tariff announcements on April 2 caused global markets to drop, leading many companies to halt their public offerings.
In February, crypto custody services firm BitGo launched a global trading desk for digital assets. This move comes after reports that the company is preparing for an initial public offering (IPO) later this year.
In December last year, crypto exchange-traded fund issuer Bitwise predicted that at least five crypto unicorns would go public in 2025: stablecoin issuer Circle, Kraken and Figure, and crypto bank Anchorage Digital and blockchain analytics firm Chainalysis.
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