eToro, the retail-trading platform, listed on the Nasdaq Global Select Market on May 14, 2025 under the ticker ETOR at an initial public offering price of $52.00 a share. The upsized offering of 11,923,018 Class A shares raised about $620 million and valued the company at roughly $4.26 billion, riding a wave of crypto-driven retail trading.
The listing broke down quickly. By February 2, 2026, eToro shares closed at $29.40, the first close below $30, with an all-time intraday low of $29.05 earlier that Friday. That was down 43% from the IPO price, and the market value had fallen from about $4.26 billion to below $2.5 billion.
The decline accelerated into 2026: shares fell 16% in the first month of the year. The stock was re-rated as crypto-fueled retail volumes cooled and investors positioned ahead of the delayed Q4 and full-year 2025 results, which were expected on February 17, 2026.
Priced at $52 in May 2025, eToro's stock fell 43% to $29.40 by February 2026 as crypto-driven volumes cooled, cutting market value from $4.26B to below $2.5B.
Priced at the top of a crypto-driven retail-trading boom, the IPO entered the market at a premium that unwound as soon as trading volumes cooled and sentiment shifted.
The market re-rated the stock down 43% from the IPO price to below $2.5 billion, resetting the growth expectations the listing had been sold on.
An IPO priced at the top of a hot trading cycle leaves the listing exposed to the next quarterly reset — a stock that opens on a premium can spend months giving it back.
eToro was due to report Q4 and full-year 2025 results on February 17, 2026, with investors watching for signs that growth had slowed.
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