eToro is reportedly considering a fresh attempt to go public in 2024, following the cancellation of its previous IPO through a SPAC merger in mid-2022.

In a recent interview with CNBC, eToro CEO Yoni Assia expressed the company’s interest in the public markets, stating, “We definitely are eyeing the public markets. I definitely see us becoming eventually a public company. When is the ideal time to do that? We’re always evaluating the right opportunity at the right time and the right market.”

According to figures revealed to CNBC, eToro reported revenues of $630 million in 2023, slightly below the $631 million it achieved in 2022. This came after a significant drop in revenues from 2021, attributed to reduced marketing spend and a decline in crypto trading-related revenue. Unlike 2022, eToro showed a positive EBITDA of approximately $100 million in 2023, although the exact net profit or loss figure was not shown.

eToro Explores New IPO Attempt in 2024 After 2022 Setback

eToro disclosed that it currently boasts approximately 35.5 million registered users and over 3 million funded accounts, reaching a milestone of $10 billion in total customer assets under administration in 2023.

CEO Yoni Assia also revealed that eToro has acquired a company called Deep, which specializes in content automation. The company has been increasingly integrating artificial intelligence (AI) into its business, particularly in content and marketing, with around 80% of marketing content, graphics, and localization now utilizing AI.

The decision to go public again raises questions about eToro’s valuation. In its initial SPAC merger deal in March 2021, the company was going to go public at a valuation in the $10 billion range. They later renegotiated this down to $8-9 billion. However, they ultimately canceled the IPO in July 2022.

Recent private secondary share sales facilitated by eToro valued the company at just $1.7 billion. Comparisons with Plus500, another Israel-based online broker with similar revenue ($726 million in 2023), suggest a valuation range of $540 million to $1.58 billion for eToro in the current market, significantly below its previous $10 billion attempt.

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