Robinhood Rival eToro Goes Live on Nasdaq After Raising $620,000,000 in IPO

Shares of the Israel-based retail trading firm eToro are surging after the Robinhood rival went public on Wednesday.

The firm’s new ETOR shares, now trading on the Nasdaq Exchange, are up more than 30 on their first day of trading and are priced at $67.66 at time of writing.

eToro raised nearly $620 million via an upsized initial public offering (IPO) of 11,923,018 Class A common shares priced at $52.00, half of which were sold by the company and half by large shareholders. The IPO was initially expected to price between $46.00 and $50.00 per share.

The firm, which launched in 2007, tried to go public in 2021 through a $10.4 billion deal with a Special Purpose Acquisition Company (SPAC) but eventually canceled the plans after the implosion of SPACs. Plans for an IPO earlier this year were delayed after President Donald Trump rolled out a slew of tariffs in early April, Bloomberg reports.

The trading platform’s crypto-friendly features have previously gotten it into hot water with American regulators: Last September, eToro agreed to pay $1.5 million in penalties to the U.S. Securities and Exchange Commission (SEC) and limit its digital asset trading options to Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH). The firm didn’t admit or deny responsibility but faced charges that it had operated as an unregistered crypto broker and clearing agency since 2020.