EToro Stock Surges 29% on First Day of Trading
Shares of eToro climbed nearly 29% in their debut on the Nasdaq exchange after going public at a roughly $4.2 billion valuation on Tuesday.
Stock indexes saw mixed results on Wednesday, with the S&P 500 and Nasdaq trading higher and the Dow Industrials lower. Bitcoin (BTC) drifted modestly lower to $103,400..
EToro had sold nearly 6 million shares for its IPO at $52 each, much higher than its initially marketed range and raising about $310 million.
The stock and crypto trading platform became the first company to resume plans to go public after a number of competitors like Robinhood, Circle and others had delayed their IPOs amid April's market uncertainty. All eyes are now on the others to see if they will follow in eToro’s steps, especially given its successful debut.