Shares of stock brokerage platform eToro popped in their Nasdaq debut on Wednesday after the company raised almost $310 million in its IPO.

The stock opened at $69.69, or 34% above its initial offering price, pushing its market cap to $5.6 billion at the open. Shares were last up more than 40%.

The Israel-based company sold nearly 6 million shares at $52 each, above the expected range of $46 to $50. Almost 6 million additional shares were sold by existing investors. At the IPO price, the company was valued at roughly $4.2 billion.

Wall Street is looking to the Robinhood competitor for signs of renewed interest in IPOs after an extended drought. Many investors saw President Donald Trump’s return to the White House as a catalyst before tariff concerns led companies to delay their plans.

Etoro isn’t the only company attempting to test the waters. Fintech company Chime filed its prospectus with the SEC on Tuesday, while digital physical therapy company Hinge Health kickstarted IPO roadshow, and said in a filing it aims to raise up to $437 million in its impending offering. CoreWeave tested demand with its IPO in March.

EToro had previously filed to go public in 2021 through a merger with a special purpose acquisition company (SPAC) that would have valued it at more than $10 billion. It shelved those plans in 2022 as equity markets nosedived, but remained focused on an eventual IPO.

“We definitely are eyeing the public markets,” CEO Yoni Assia told CNBC in 2023, adding that the company is “evaluating the right opportunity.”

EToro was founded in 2007 by brothers Yoni and Ronen Assia and David Ring. The company makes money through trading-related fees and non-trading activities such as withdrawals. Net income increased almost thirteenfold last year to $192.4 million from $15.3 million in 2023.

The company has steadily built a growing reputation in cryptocurrencies. Revenues from cryptoassets more than tripled to over $12 million in 2024 and one-quarter of its net trading contribution stemmed from crypto last year,. That’s up from 10% in 2023.

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EToro, a stock brokerage platform that’s been ramping up in crypto, has priced its IPO at $52 a share, as the company prepares to test the market’s appetite for new offerings.

The company had planned to sell shares at $46 to $50 each.

IPOs looked poised for a rebound when President Donald Trump returned to the White House in January after a prolonged drought spurred by rising interest rates and inflationary concerns. CoreWeave’s March debut was a welcome sign for IPO hopefuls such as eToro, online lender Klarna and ticket reseller StubHub.

But tariff uncertainty temporarily stalled those plans. The retail trading platform filed for an initial public offering in March, but shelved plans as rising tariff uncertainty rattled markets. Klarna and StubHub did the same.

EToro’s Nasdaq debut, under ticker symbol ETOR, may indicate whether the public market is ready to take on risk. Digital physical therapy company Hinge Health has started its IPO roadshow, and said in a filing on Tuesday that it plans to raise up to $437 million in its upcoming offering. Also on Tuesday, fintech company Chime filed its prospectus with the SEC.

Founded in 2007 by brothers Yoni and Ronen Assia along with David Ring, eToro competes with the likes of Robinhood and makes money through fees related to trading, including spreads on buy and sell orders, and non-trading activities such as withdrawals and currency conversion.

Net income jumped almost thirteenfold last year to $192.4 million from $15.3 million a year earlier. The company has been ramping up its crypto business, with revenue from cryptoassets more than tripling to over $12 million in 2024. One-quarter of its net trading contribution last year came from crypto, up from 10% the prior year.

This isn’t eToro’s first attempt at going public. In 2022, the company scrapped plans to hit the market through a merger with a special purpose acquisition company (SPAC) during a sharp downturn in equity markets. The deal would have valued the company at more than $10 billion.

CEO Yoni Assia told CNBC early last year that eToro was still aiming for a market debut but “evaluating the right opportunity” as it was building relationships with exchanges, including the Nasdaq.

“We definitely are eyeing the public markets,” he said at the time. “I definitely see us becoming eventually a public company.”

EToro said in its prospectus that BlackRock had expressed interest in buying $100 million in shares at the IPO price. The company said it planned to sell 5 million shares in the offering, with existing investors and executives selling another 5 million.

Underwriters for the deal include Goldman Sachs, Jefferies and UBS.

— CNBC’s Ryan Browne contributed reporting

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