Social trading platform eToro has confidentially filed for an initial public offering (IPO) with the United States Securities and Exchange Commission (SEC).
eToro's IPO Plans
According to the Financial Times, eToro could go public in New York as early as the second quarter of 2025, aiming for a $5 billion valuation. This marks growth from a $3.5 billion market cap in 2023. eToro has engaged Goldman Sachs, Jefferies, and UBS as partners for the IPO process.
Previous IPO Attempts
This is not eToro's first attempt to go public in the US. In 2021, it aimed to merge with FinTech Acquisition Corp. V via a SPAC deal at a $10.4 billion valuation. However, the plan did not get SEC approval during the bear market of 2022. Other crypto companies, like Circle and Prime Blockchain, also faced challenges with SPAC IPOs.
Future Plans and Partners
If successful, eToro will join other crypto companies like Coinbase and Bakkt listed in the US. Bitcoin miners like Marathon Digital are also part of the publicly traded companies in the US.
eToro's potential US IPO could mark a significant advancement for the company and underscore the strengthening presence of crypto-oriented businesses in the US market.
