Trading platform eToro on Tuesday announced it is seeking a valuation of up to $5 billion in its initial public offering on the Nasdaq, as it launches the roadshow for a 10 million Class A share sale.

Shares will be priced between $46 and $50 and trade under the ticker ETOR, according to the company’s filing.

This estimate assumes a standard tech IPO float of roughly 10% of total shares.

Some analysts, using more conservative assumptions about the public float, estimate the valuation could land closer to $4 billion.

The final figure will depend on pricing and the number of shares outstanding once the offering is completed.

The offering includes 5 million new shares from eToro and 5 million from existing shareholders, with an additional 1.5 million shares available to underwriters via an over-allotment option.

If fully subscribed at the top of the range, the IPO could raise up to $575 million.

eToro is a prominent multi-asset investment platform offering trading in stocks, ETFs, cryptocurrencies and commodities.

It launched crypto trading in 2013, long before most traditional fintech competitors, and has become a key player in the retail digital asset space, especially in Europe and parts of Latin America.

The company's move to go public comes after it canceled a planned SPAC merger with FinTech Acquisition Corp V in 2022, which would have valued the company at $10.4 billion.

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That deal collapsed amid cooling market conditions and regulatory scrutiny of crypto-affiliated companies.

In going public now, eToro joins a small group of crypto-integrated platforms that have listed on U.S. exchanges.

Coinbase went public via a direct listing in April 2021 at an $86 billion valuation, while Robinhood raised $2.1 billion in its July 2021 IPO, riding a surge of interest in crypto and meme stock trading.

Unlike Coinbase, which focuses exclusively on digital assets, eToro offers exposure to both traditional and crypto markets through social investing features and copy trading, allowing users to mirror the trades of top investors.

The platform currently supports trading in more than 80 cryptocurrencies, including Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL).

The listing will test renewed public investor appetite for consumer-facing fintech and crypto-aligned platforms, following a two-year slump in tech IPOs and multiple enforcement actions across the crypto sector.

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