Israeli fintech company eToro has confidentially filed for an initial public offering (IPO) on Wall Street, the company announced Wednesday, potentially ending a prolonged drought of Israeli listings.
While eToro did not disclose financial details, market estimates suggest it will seek a valuation of at least $5 billion. The company stated it will release further details once the U.S. Securities and Exchange Commission (SEC) approves its filing.
This marks eToro’s second attempt at going public. In 2021, it planned to list through a merger with a special-purpose acquisition company (SPAC) at double the expected valuation, but regulatory hurdles—particularly concerns over its cryptocurrency trading activities—ultimately led to the deal’s cancellation.
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The delay coincided with a downturn in the tech sector and the bursting of the high-tech investment bubble, prompting eToro to cancel its SPAC listing. However, following a sharp rise in Bitcoin prices after Donald Trump’s election victory, the company has revived its IPO plans.
Founded in 2007 by CEO Yoni Assia and his brother Ronen, eToro has continued to attract investment despite its IPO setbacks. In 2023, the company raised $250 million in a private funding round at a $3.5 billion valuation. However, the postponed IPO also led to workforce reductions, and eToro now employs approximately 1,700 people, including 1,000 in Israel.