Every once in a while, a company hits the jackpot. eToro just did exactly that. The social trading platform’s IPO filing has revealed staggering numbers that have industry watchers doing double-takes. Filing to list on Nasdaq under “ETOR,” eToro disclosed a mind-blowing revenue leap from $3.89 billion in 2023 to $12.6 billion in 2024. Not too shabby for a company that couldn’t seal the deal on a SPAC merger back in 2022.
eToro struck gold with a revenue explosion that turned its failed SPAC dreams into a Nasdaq triumph.
The secret sauce? Crypto. A whopping 96% of eToro’s 2024 revenue came from cryptoassets. Talk about putting all your eggs in one digital basket. The timing couldn’t have been better, with digital assets rallying in 2024 after Donald Trump’s pro-crypto stance sent prices soaring. Revenue actually reached $931 million in 2024, compared to $639 million in 2023. Sometimes you just get lucky.
Profit figures are equally impressive. eToro raked in $192 million in net profit for 2024, compared to a modest $15.3 million in 2023. That’s after posting a $21 million loss in 2022. The turnaround is real, folks. Earnings per share jumped from $0.80 to $9.85. Goldman Sachs, Jefferies, UBS, and Citigroup are probably salivating as they lead this IPO.
With over 38 million users across 75 countries and 3.5 million funded accounts, eToro’s social trading model clearly resonates. Users can follow and copy top investors—because who needs their own strategy when you can piggyback on someone else’s success? For investors looking to enter the market, platforms like eToro offer an accessible way to implement dollar-cost averaging strategies that help manage the notorious volatility of cryptocurrency markets.
The company hasn’t been sitting idle, either. They scooped up Australian investment app Spaceship for $55 million last year and raised $250 million in private funding at a $3.5 billion valuation. This represented a significant drop from their previous SPAC valuation of $10.4 billion that fell through in 2022. Current IPO estimates put them at $4.5-5 billion. Not bad for a company that just settled SEC charges for $1.5 million in 2023.
eToro’s reliance on crypto could be both its rocket fuel and potential kryptonite. Regulatory winds change fast in crypto. But for now? They’re riding high. Really high.
