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EToro Stock Surges 29% on First Day of Trading
Shares of the stock and crypto trading platform had priced nicely above their expected offering price.
What to know:
- Shares of trading platform eToro surged nearly 29% in their Nasdaq debut, closing at $67 after opening well above the IPO price.
- The company raised approximately $310 million by selling nearly 6 million shares at $52 each, topping its initial price range.
- eToro is the first major fintech to go public amid a lull in crypto and stock platform IPOs, setting the stage for potential follow-ups from peers like stablecoin issuer Circle.
Shares of eToro climbed nearly 29% in their debut on the Nasdaq exchange after going public at a roughly $4.2 billion valuation on Tuesday.
Stock indexes saw mixed results on Wednesday, with the S&P 500 and Nasdaq trading higher and the Dow Industrials lower. Bitcoin
drifted modestly lower to $103,400..STORY CONTINUES BELOW
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EToro had sold nearly 6 million shares for its IPO at $52 each, much higher than its initially marketed range and raising about $310 million.
The stock and crypto trading platform became the first company to resume plans to go public after a number other crypto-related companies including stablecoin issuers Circle delayed their IPOs amid April's market uncertainty. All eyes are now on the others to see if they will follow in eToro’s steps, especially given its successful debut.
CORRECT (May 15, 13:14 UTC): Removes reference to Robinhood delaying its IPO. The company is already publicly traded.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
