Trading platform eToro has confidentially filed for an initial public offering (IPO) in the United States, aiming for a valuation exceeding $5 billion, according to a report by the Financial Times on Thursday.
eToro Files for IPO at $5 Billion Valuation Says Financial Times
The move comes as the company seeks to join the ranks of publicly traded firms offering both stock and cryptocurrency trading.
Founded in 2007, eToro operates as a “social investment network,” allowing its global user base to trade a variety of assets, including fractional equities and cryptocurrencies.
The platform’s initial attempt to go public via a $10.4 billion SPAC deal in 2021 was shelved in 2022 due to unfavorable market conditions.
However, a market rebound is said to have reignited eToro’s ambitions, with the company securing $250 million in funding at a $3.5 billion valuation in 2023.
Financial Times sources reportedly indicate that the IPO could be launched as early as the second quarter, with Goldman Sachs, Jefferies, and UBS advising on the process.
If successful, eToro would join the likes of Coinbase and Robinhood as one of the few publicly listed companies in the U.S. offering cryptocurrency trading.
Despite regulatory challenges, including a $1.5 million settlement with the SEC over unregistered operations, the company continues to grow, reportedly managing $11.3 billion in assets for over 3 million customers.
This IPO could mark a significant milestone for eToro, further solidifying its position in the competitive fintech landscape.
