New Fintech Trading Platform eToro Challenges U.S. Stock Listing Again, Files IPO Application with SEC on 3/25, Aims for a $5 Billion Valuation
eToro has announced that it has submitted a Form F-1 registration statement to the U.S. Securities and Exchange Commission (SEC), with plans to list on the Nasdaq Global Select Market under the ticker symbol “ETOR.” The filing is not yet effective and is awaiting approval from the SEC.
According to reports from foreign media, eToro had previously filed a “confidential” application, and this is the first time it has made the application public, potentially signaling that the IPO is getting closer.
Target Valuation of $5 Billion, Potential Listing in Q2
Sources indicate that eToro’s IPO is expected to reach a valuation of $5 billion, with a potential listing as early as Q2 of 2025 in New York. The following four major investment banks will serve as the lead underwriters for the IPO:
- Goldman Sachs
- UBS
- Citigroup
- Jefferies
Not the First Attempt to Go Public: Previous SPAC Deal Failed
eToro first attempted to go public in 2021 through a merger with Fintech Acquisition Corp V, a special purpose acquisition company (SPAC), with a valuation of $10.4 billion. However, due to a cooling market and the collapse of FTX, the transaction was canceled in mid-2022, and the company’s dream of a public listing was dashed.
Founder Points to the U.S. Market as the Key, Aiming for an Easy-to-Use Crypto Trading Platform
Although eToro’s largest market is still in the UK, founder Yoni Assia stated that the company aims to expand globally and attract more capital, with the highly liquid and attention-grabbing U.S. market being the key springboard.
eToro has been offering Bitcoin trading since 2013, making it one of Europe’s first platforms to provide compliant BTC trading. It is considered a “crypto-friendly brokerage representative.” With its simple interface and ease of use, eToro has become particularly popular among novice investors and younger people, as it allows for one-stop trading of both stocks and cryptocurrencies.
Recent Fundraising Increased Valuation from $3.5 Billion to $5 Billion
eToro’s most recent fundraising round occurred in 2023, raising $250 million, with a valuation of approximately $3.5 billion. Assuming the IPO goes smoothly, the valuation could rise to $5 billion, demonstrating strong performance.
Risk Disclaimer
Cryptocurrency investments are highly risky, and prices can be extremely volatile. You may lose your entire principal. Please carefully assess the risks involved.