eToro Adds Dogecoin, XRP, SHIB, and Other Cryptos for U.S. Clients After IPO

eToro has recently introduced a larger selection of cryptocurrencies for its clients in the United States. The global multi-asset investment platform has added Cardano, Dogecoin, XRP, Shiba Inu, and other crypto assets in a reinvigorated push into the U.S. market.

eToro Adds 12 New Crypto Assets

eToro announced on Wednesday, May 28, that it was adding 12 cryptocurrencies to its U.S. platform. eToro U.S. users gain access to 12 more cryptocurrencies: Aave, Cardano, Chainlink, Compound, Dogecoin, Ethereum Classic, Litecoin, Ripple, Stellar, Shiba Inu, Uniswap and Yearn Finance.

As a result, eToro users in the U.S. can buy over 15 cryptocurrencies now, compared to the limited choices for Bitcoin, Bitcoin Cash and Ethereum before. Andrew McCormick, the head of eToro U.S., said this move demonstrates the company's commitment to making digital assets accessible to its users. 

McCormick also said that the listing of these crypto assets comes after lots of diligence and research. The introduction of these new assets marks a significant milestone in rebuilding its wider crypto service for clients in the U.S.

eToro's Regulatory Challenges in the U.S.

In 2024, eToro was forced to scale down its digital asset offerings in the U.S. last year due to regulatory constraints. According to the SEC, eToro was acting as an unregistered broker-dealer and clearing agency by selling crypto assets that it believed were securities. 

As a result, eToro cut its crypto offering to only three out of a total of the 74 it previously offered. Last September, eToro settled with the U.S. Securities and Exchange Commission for $1.5 million.

Despite the temporary restriction of crypto trading, eToro kept its spot among the top choices for multi-asset trading. Besides cryptocurrencies, eToro users could choose to trade stocks, indices, ETFs, currencies and commodities as well. The company launched in 2007 and claims to support more than 40 million users in 75 countries.

eToro's Strategic Expansion After Successful IPO

The U.S. expansion also comes after a successful initial public offering (IPO) from the online trading platform. eToro raised $620 million and went public on NASDAQ on May 14 under the ticker ETOR. The online trading platform is targeting a valuation of up to $4 billion. 

The timing of eToro's expansion is very important. The President Donald Trump administration's support for cryptocurrencies has motivated the platform to grow its services in the United States. The growing crypto-friendly environment has encouraged eToro to expand its crypto services to compete with the likes of Coinbase and Robinhood.

Final Thoughts

eToro's expansion of its crypto offering for U.S. clients, just after its successful IPO, is a clear statement of intent. The company is positioning itself to be a major player in the U.S. retail crypto investment scene. eToro may be able to increase its presence in the U.S. thanks to the IPO funds and the clearer rules brought about by the current administration.