eToro delays IPO as Trump’s tariff shock rattles Wall Street
The Israeli fintech joins Klarna, Medline, and StubHub in shelving multibillion-dollar listings amid growing market turmoil.
Israeli fintech company eToro is delaying its planned initial public offering (IPO) in the United States, according to a report by Bloomberg. The company joins several others that have postponed multi-billion-dollar offerings following market volatility triggered by former President Donald Trump's announcement of a sweeping new round of tariffs.
According to the Financial Times, other companies delaying their IPOs in response to the instability include Swedish fintech Klarna, which was valued at $15 billion; medical technology firm Medline, valued at $50 billion; and ticketing platform StubHub.
All four companies had filed prospectuses in recent months ahead of planned listings, but those plans have now been put on hold due to sharp fluctuations in the market since Trump's tariff announcement. eToro, for example, was expected to begin its investor roadshow in the coming week, but has postponed the process indefinitely. Similarly, Klarna and Medline, backed by private equity giants such as Blackstone and Carlyle, had planned to advance its IPO plans this week but are now holding off.
Sources familiar with the matter said StubHub has also postponed its roadshow, which had been scheduled for the coming weeks. However, they emphasized that the company is under no immediate obligation to go public and could still proceed in the near future.
These delays come just as the U.S. IPO market had begun showing signs of recovery after three years of stagnation driven by high interest rates. However, Trump’s tariff announcement sparked a sharp selloff in capital markets, wiping out trillions in value from companies on the S&P 500. Losses deepened further when China responded with its own round of retaliatory tariffs on Thursday.
An initial prospectus submitted by eToro last month revealed the company's financial performance over the past year.
eToro reported a net profit of $192 million in 2024—a sharp increase compared to just $15.3 million in 2023 and a loss of $21 million in 2022. In terms of earnings per share, the company recorded a loss of $11.45 in 2022, turned profitable with $0.80 per share in 2023, and saw the figure rise to $9.85 per share in 2024.
According to the prospectus, eToro's revenue (total fees collected) reached $639 million in 2023 and $931 million in 2024. One of the key drivers behind the company's strong results was the surge in crypto trading. The company's EBITDA rose to $304 million in 2024, up from $117 million in 2023.
While eToro has not disclosed specific figures related to the offering, estimates suggest it will seek a valuation of at least $5 billion.
