eToro Group Ltd. is an Israeli-founded multi-asset social trading and investment platform that pioneered the concept of copy trading, enabling users to trade stocks, cryptocurrencies, ETFs, and other assets while replicating the strategies of top-performing investors. Founded in 2007, eToro had grown to over 40 million registered users by the time of its public listing (eToro).
On May 14, 2025, eToro went public on the Nasdaq under the ticker ETOR, pricing its upsized initial public offering at $52 per share and raising approximately $620 million (CNBC). Shares opened at $69.69 and closed at $67 on the first day of trading, a strong 29% gain. At the IPO price, eToro was valued at approximately $4.2 billion (Times).
The IPO came after a prolonged and turbulent path to the public markets. In 2021, eToro had announced a SPAC merger that valued the company at $10.4 billion, but the deal was canceled in mid-2022 amid market volatility. In March 2023, the company raised $250 million in a Series F round at a $3.5 billion valuation (TechCrunch), a 66% reset from its peak. The IPO ultimately valued the company between the two figures.
From January 2020 to March 2024, Equitybee facilitated the funding of stock option packages for fourteen eToro employees at entry prices starting as low as $0.81 per share, 64x below the IPO price of $52. Even the median entry price of $6.70 represented a 79% discount to eToro's last private round. All 14 offers delivered positive returns, with individual net IRRs ranging from 17.52% to 87.33%.
Despite eToro's volatile valuation trajectory and the significant reset from its $10.4 billion peak, Equitybee investors achieved a median net IRR of 33.90%, outperforming investors in every comparable VC funding round: Series D investors (Sberbank, China Minsheng, Fort Ross Ventures, CommerzVentures, SVB) earned an estimated 23.72% IRR, Series E investors (China Minsheng, SBI Investment, Korea Investment Partners) earned an estimated 24.33% IRR, and Series F investors (Velvet Sea Ventures, ION Group, SoftBank Vision Fund 2) earned an estimated 7.44% IRR.
*Past performance is not indicative of future results.
*Equitybee Investors figures represent the median Equitybee investor
The key differentiator for Equitybee investors was the combination of a low entry price and a moderate holding period. While Series D investors entered at a lower price ($3.70), their capital was locked up for over 10 years (125 months), diluting their annualized return. Series F investors had the shortest hold period (25.8 months) but entered at a much higher price ($32.41), limiting their upside. Equitybee investors achieved the highest IRR by entering at a favorable price point with a manageable time horizon.
Past performance is not indicative of future results.
Notably, the median net IRR for Equitybee offers on eToro was 33.90%.
Methodology note:Our estimates for venture round investors are based on: (1) the preferred share prices paid in each round (as outlined in the Timeline of Events), (2) eToro's settlement price of approximately $39.19 per share, calculated as the weighted average closing price during the first five trading days following the lockup expiration, and (3) a 1:1 conversion from preferred to common shares at IPO. As part of the IPO, eToro completed a 1:4 share split. These estimates assume venture investors sold at the settlement price described above. Actual VC fund returns may differ.Individual offer IRRs ranged widely depending on entry timing. Offer #1, funded in March 2024 at $6.70 per share, delivered an 87.33% net IRR over just 21 months. Offer #2, funded in July 2020 at $0.81 per share, achieved a 55.40% net IRR with a 10.54x MOIC, the highest multiple of any offer. Offers funded in 2020 at $6.70 per share delivered IRRs in the 17-20% range, reflecting the longer holding period of over 5 years.
By comparison, Series D investors who entered at $3.70 per share in December 2014 are estimated to have earned a 23.72% net IRR. Series E investors at $7.41 per share in March 2018 earned an estimated 24.33%. Series F investors at $32.41 per share in March 2023 earned just 9.23%, reflecting the high entry price relative to the distribution price.
Methodology note:Our estimates for venture round investors are based on: (1) the preferred share prices paid in each round (as outlined in the Timeline of Events), (2) eToro's settlement price of approximately $39.19 per share, calculated as the weighted average closing price during the first five trading days following the lockup expiration, and (3) a 1:1 conversion from preferred to common shares at IPO. As part of the IPO, eToro completed a 1:4 share split. These estimates assume venture investors sold at the settlement price described above. Actual VC fund returns may differ.
| Offer # | Net MOIC | Net IRR | Avg months to Liquidity | Funded Date | Offer Price | SIP % | Dist. Date | Settlement Price |
|---|---|---|---|---|---|---|---|---|
| #1 | 2.87 | 87.33% | 21.02 | 3/28/2024 | $6.70 | 45% | 12/10/2025 | $37.43 |
| #2 | 10.54 | 55.40% | 65.28 | 7/30/2020 | $0.81 | 30% | 12/10/2025 | $39.12 |
| #3 | 2.87 | 36.74% | 41.45 | 7/20/2022 | $6.70 | 38% | 12/10/2025 | $39.60 |
| #4 | 1.99 | 22.86% | 41.10 | 7/31/2022 | $6.70 | 33% | 12/10/2025 | $40.44 |
| #5 | 2.30 | 31.07% | 39.44 | 11/2/2022 | $6.70 | 30% | 12/10/2025 | $39.08 |
| #6 | 4.71 | 74.83% | 34.05 | 2/22/2023 | $6.70 | 49% | 12/10/2025 | $38.71 |
| #7 | 2.63 | 19.77% | 65.62 | 7/27/2020 | $6.70 | 50% | 12/10/2025 | $39.84 |
| #8 | 2.60 | 18.64% | 68.39 | 4/30/2020 | $6.70 | 50% | 12/10/2025 | $39.77 |
| #9 | 2.64 | 19.56% | 66.69 | 6/28/2020 | $6.70 | 50% | 12/10/2025 | $39.12 |
| #10 | 3.03 | 73.42% | 24.78 | 11/28/2023 | $6.70 | 48% | 12/10/2025 | $39.12 |
| #11 | 2.58 | 17.52% | 72.38 | 1/23/2020 | $6.70 | 50% | 12/10/2025 | $39.25 |
| #12 | 2.67 | 37.57% | 38.17 | 11/3/2022 | $6.70 | 38% | 12/10/2025 | $40.44 |
| #13 | 2.84 | 42.00% | 36.91 | 12/12/2022 | $6.70 | 42% | 12/10/2025 | $39.12 |
| #14 | 2.65 | 19.63% | 66.55 | 6/28/2020 | $6.70 | 50% | 12/10/2025 | $40.25 |
Preferred Share Price: $3.70
Lead Investors: Sberbank, China Minsheng, Fort Ross Ventures, CommerzVentures, SVB
Preferred Share Price: $7.41
Lead: China Minsheng
Also: SBI Investment, Korea Investment Partners, World Wide Invest
Offer Price: $6.70
Discount vs. Series E: 10%
Offer Price: $6.70
Offer Price: $6.70
Offer #2 Price: $0.81
Offer #7 Price: $6.70
Offer Price: $6.70
Offer Price: $6.70
Offer Price: $6.70
Offer Price: $6.70
Preferred Share Price: $32.41
Funding: $250M | Valuation: $3.5B
Lead: Velvet Sea Ventures
Also: ION Group, SoftBank Vision Fund 2
Offer Price: $6.70
Discount vs. Series F: 79%
Offer Price: $6.70
Discount vs. Series F: 79%
IPO Price: $52.00 per share
Capital Raised: ~$620M
Day 1 Close: $67.00
Median Settlement Price: ~$39.12 per share
Join the success of hundreds of investors who made it with Equitybee
*Internal Rate of Return, net of fees
**Multiple on Invested Capital
Past performance is not indicative of future results. 33.9% IRR represents the median IRR experienced by investors who utilized Equitybee to fund eToro’s employee stock options. Net IRR is shown net of all applicable fees. IRR figures are calculated for each offer on the Equitybee platform from the date the investor's funds were transferred to the employee (funded date) through the distribution date of proceeds. If the distribution date was less than one year after the funded date, the IRR represents an unannualized return. For distributions one year or more after the funded date, IRR is annualized.
eToro public share prices sourced through Yahoo! Finance. Equitybee is not affiliated or associated with, or endorsed by, any of the companies mentioned herein. Equitybee executes private financing contracts (PFCs), private placements which are speculative, illiquid, contain substantial risk and may result in the complete loss of capital to the investor. These risks may be greater during extreme market conditions. PFCs do not grant or transfer ownership of startup company stock. When a liquidity event occurs at a price per share less than the investment price per share, Investors will first receive all available funds to recoup the original investment amount. The employee will not receive any proceeds in this event. A private offering of interests will only be made pursuant to a confidential private placement memorandum, an operating agreement, and other subscription documents (“Other Documents”), which will only be furnished to qualified investors on a confidential basis at their request for their consideration in connection with such offering. For accredited investors only. Securities offered through EquityBee Securities, LLC, member FINRA.
Sources:
eToro IPO pricing and Nasdaq debut - CNBC
eToro IPO valuation ($4.3B) - Times of Israel
eToro Series F ($250M at $3.5B) - TechCrunch
eToro upsized IPO pricing - BusinessWire
Fundraising round data - Pitchbook, Inc.