Online trading platform eToro is planning to launch its U.S. initial public offering as early as this week, after previously postponing its listing amid market volatility triggered by Trump’s tariff announcements, according to people familiar with the matter.

eToro Considers US IPO Launch This Week Following Tariff-Related Delay

The Israel-based investment platform, which allows users to trade stocks and cryptocurrencies while following top investors, had filed paperwork with the Securities and Exchange Commission (SEC) in late March but paused its plans in early April when President Trump's tariff announcements sent markets into temporary turmoil.

In April, the company announced it was "evaluating market conditions" and suspended its IPO roadshows. However, Bloomberg now reports that the company may go public on Wall Street as early as the beginning of May.

If EToro Group Ltd. proceeds with the listing, it would be among the first companies to resume IPO plans after the market disruption caused by the April 2 tariff announcements, which briefly spiked the VIX volatility index and halted numerous deals.

Net Income of $192M

The company reported significant financial growth in its SEC filing, with total commission revenue reaching $931 million in 2024 and net income of $192 million, substantially higher than the $639 million in commissions and $15.3 million in net income recorded the previous year. When the company first filed for the Nasdaq listing in January, it was valued at $5 billion.

“After several weeks of escalating rhetoric and tariff threats, both the U.S. and China recently indicated their willingness to resume working-level negotiations,” commented Linh Tran, Market Analyst at XS.com. “The U.S. expressed an interest in reopening dialogue to avoid further escalation, while Beijing signaled it was ready to engage in "constructive" discussions. These conciliatory tones helped ease investor concerns and provided a tailwind for risk assets like equities.

eToro vs. Robinhood

eToro’s potential IPO comes as competitor Robinhood Markets Inc. has seen its shares climb more than 15% over the past month, potentially signaling favorable market conditions for trading platforms.

Recently, eToro joined Robinhood in the stock lending space, offering a new service to investors in Europe. The fintech is launching a program that allows users in the UK and across Europe to earn extra income by lending out their shares.

Earlier this year, both companies also introduced the $TRUMP token—a meme cryptocurrency positioned as the official digital asset of the current president.

Second Time’s a Charm?

This marks eToro’s second attempt at going public. The company previously tried to enter public markets through a SPAC merger that valued it at $10.4 billion, but that deal fell through.

More recently, eToro completed a funding round in 2023 that valued the company at $3.5 billion, with backing from investors including ION Group and SoftBank Vision Fund 2.

According to the company's filing, major shareholders with over 5% ownership include affiliates of Spark Capital, Andalusian Private Capital, CM Equities SP, and BRM.

Goldman Sachs, Jefferies Financial Group, UBS Group, and Citigroup are leading the offering. If the IPO proceeds, EToro shares would trade on the Nasdaq Global Select Market under the ticker symbol "ETOR."

The sources cautioned that no final decisions have been made and EToro could still delay its offering depending on market conditions. A representative for EToro declined to comment on the potential IPO timeline.