SOPA Images/ LightRocket/ Getty Images
Takeaways
- Etoro, a trading platform online, has filed for IPO in the U.S.
- The Israeli company reported that its commissions would increase by 46% in 2024. This was due to an increase in cryptocurrency trades.
- The filing for the initial public offering comes at a time when cryptocurrency is in the spotlight. This is especially true after President Trump ordered to create a U.S. Strategic Bitcoin Reserve.
eToro, an online retail trading platform, filed for an initial public offer in the U.S. late Monday. It disclosed that commissions increased last year due to the rise in demand for crypto markets.
According to a Monday regulatory filing, the Israel-based company reported commissions of $931 millions in 2024 on a net income of $192,000,000, up from $639million in commissions with a net income of only $15 million in 2015. The increase in crypto asset trading is a major reason for this. In 2024, 38% of eToro’s commissions were generated by crypto assets, up from 17% the year before.
The IPO application comes at a time when cryptocurrencies, in particular bitcoin, are in the spotlight. President Donald Trump announced in early February the creation of a U.S. Bitcoin strategic reserve. He has also said that he wants the U.S. to be the “crypto-capital of the planet.”
eToro is not the first company to try and go public. The company announced that it would merge with a special-purpose acquisition company in 2021, valuing the company at $10 billion. But the deal was abandoned a year later.
