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BFD Expert Voices - Private Credit

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Profitable trading startup eToro's IPO filing Monday night offered some interesting tidbits.

Why it matters: The devil is in the details. 

By the numbers: Total revenue and income was $12.6 billion in 2024, up 225.3% from the year prior, and most of its revenue now comes from crypto.

Crypto assets were $12.2 billion in revenue, up 254% since the year prior, and making up 96% of overall revenue.

Per its SPAC filing, crypto was 16% of its revenue in 2020, the year before that proposed merger.

Yes, but: The $12.2 billion in cryptoassets revenue also includes the cost of the underlying crypto tokens, not just the related fees — something Robinhood (NASDAQ: HOOD) doesn't include in its revenue calculations.

eToro is subject to International Financial Reporting Standards, rather than Generally Accepted Accounting Principles in the U.S. — leading to this discrepancy.

A closer comparison may be what eToro calls "commissions," which excludes margin interest expense and the cost of the underlying token.

That figure was $931 million last year, compared with $639 million the year prior. From that perspective, crypto makes up 25% of the equation, compared with 42% from equities, commodities, and currencies.

Last year, Robinhood's revenue was nearly $3 billion, with net income of $1.4 billion. It's valued at $43.2 billion.

Zoom out: Europe and the U.K. are eToro's largest markets, making up 70% of funded accounts.

Asia Pacific comes in second, with 16%, and Americas third, with 10%.

eToro has grown, but it missed a SPAC-era forecast.

It had some 3.5 million in funded accounts by the end of 2024, lower than the 4.7 million it had projected back in 2021.

The intrigue:  The SEC has taken issues with some of the company's operations. Earlier this month, eToro's U.S. division received a findings letter from the agency.

That letter "identified regulatory deficiencies related to the broker-dealer's recordkeeping, customer account maintenance and net capital requirements."

eToro says it is working to address the issue.

It also has a sanctioned Russian investor: One of the company's largest shareholders is Sberbank, Russia's largest lender.

As a result of sanctions, Sberbank is unable to exercise its voting rights in eToro and is barred from selling those shares, receiving dividends on said shares, or receiving new shares.

Sberbank has not received at least 60,303 worth of preferred shares it was entitled to.

This story has been updated to note that eToro is subject to International Financial Reporting Standards.

Takeaways from eToro's IPO filing

The company's revenue is not what it seems.

Illustration of a bull covered by a pile of pixelated coins.

Profitable trading startup <a class="gtmContentClick" data-vars-link-text="eToro&#x27;s IPO filing" data-vars-click-url="https://www.axios.com/pro/fintech-deals/2025/03/25/trading-platform-etoro-files-ipo" data-vars-content-id="a8b3aa2f-f89e-4f49-9b99-526c44dd62ef" data-vars-headline="Takeaways from eToro&#x27;s IPO filing" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/fintech-deals/2025/03/25/trading-platform-etoro-files-ipo" target="_self">eToro&#x27;s IPO filing</a> Monday night offered some interesting tidbits.Why it matters: The devil is in the details.

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Takeaways from eToro's IPO filing

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