Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Thursday, May 15th, and today we are talking about an IPO that

actually went well. Before we get into that, however, if you are enjoying the breakdown,

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Well, friends, E. Toro's monster NASDAQ debut suggests that the IPO window may be wide open.

Fintech trading platform, E Toro, saw a huge pop on their public listing yesterday with the stock rising 29%. The listing was already hot heading into the IPO, with the company upsizing the number of shares on offer.

Initial pricing also went well above Wall Street forecasts, making the first-day pop even more noteworthy.

The company now has a public valuation of $5.4 billion, so it's still a relative minnow compared to its rival Robin Hood that's currently priced at $54 billion.

It might be going too far to call Itoro a crypto IPO, although

the trading platform is increasingly focused on crypto. They offer 130 crypto assets, but see very

little volume on most trading pairs. Itoro generated 12.1 billion in revenue from digital

assets last year, which was up Forex from the previous year. That dwarfs their 330 million

in revenue from

equities, commodities, and currencies, largely due to a 1% fee on both buying and selling

crypto set against free trading for stocks. The platform recorded over $11.8 billion in cost

to generate that crypto revenue, so that doesn't make them extraordinarily profitable.

Still, Eitoro's balance sheet looks very concentrated on

the crypto business with everything else being relatively negligible. And because of that,

the point is that E.Taro has verified market demand for new public crypto companies. The platform

...