By the second quarter of this year, eToro might go public on the New York Stock Exchange following a private submission of its Initial Public Offering documents in the United States.
According to confidential reports from reliable sources as mentioned by the Financial Times on January 16th, the investment platform that offers both crypto exchange and equity trading, eToro, has submitted its initial public offering paperwork to the Securities and Exchange Commission.
As per the latest update, heavyweight players in the industry like Goldman Sachs, Jefferies, and UBS are supporting eToro’s Initial Public Offering, serving as its distribution partners. This information corroborates a previous report that was released at the beginning of December.
Furthermore, it’s been noted that the company might make its shares available on the New York Stock Exchange as early as the second quarter of 2025. eToro aims to achieve a valuation of $5 billion during this Initial Public Offering, which is an upgrade from its $3.5 billion market capitalization reported in 2023.
eToro’s road to a US IPO
Since March 2021, discussions about an Initial Public Offering (IPO) have been ongoing. This Israel-based company that deals in both crypto and stock trading has been aiming to become public through a merger with FinTech Acquisition Corp. V, a firm supported by banking veteran Betsy Cohen.
The proposed merger of the SPAC (Special Purpose Acquisition Company), targeting a market valuation of $10.4 billion, failed to materialize amidst the 2022 bear market. During this period, eToro announced that their application with the SEC (Securities and Exchange Commission) had been turned down.
Circle, known for issuing the second-largest stablecoin (USDC), initially aimed to become publicly traded through a SPAC merger with Concord Acquisition Corp. However, this deal fell through due to delays in response from the Securities and Exchange Commission (SEC). Subsequently, Circle confidentially submitted an IPO application with the SEC. As they await SEC approval, the digital payment leader has decided to move its headquarters to New York City.
Should it achieve success, eToro could potentially be added to a select group of cryptocurrency-related companies that are publicly traded in New York. This collection already includes Bitcoin (BTC) miners like Marathon Digital, as well as the prominent crypto exchange Coinbase and Bakkt, which was once targeted for acquisition by Donald Trump’s media company.
The company consented to shell out a sum of $1.5 million as penalties, to resolve charges brought against it for breaching securities regulations, which were imposed by the United States Securities and Exchange Commission (SEC).
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2025-01-16 18:15