eToro

eToro eyes U.S. IPO with Goldman Sachs support: report

Published

5 months ago

December 6, 2024

eToro, a trading platform for stocks and cryptocurrencies, is working with Goldman Sachs to plan an initial US public offering.

The company could go public as early as the second quarter of 2025, but the timing may change, according to unnamed sources familiar with the matter, Bloomberg reports.

eToro hopes to exceed the $3.5 billion valuation it achieved during a private funding round last year. Details about the IPO, including other banks that may be involved, remain under discussion.

SEC vs. eToro

The platform faced regulatory issues in the U.S., settling allegations in September that it had operated as an unregistered broker. As part of the settlement, eToro agreed to pay $1.5 million and restrict cryptocurrency offerings for U.S. customers.

The SEC’s complaint claimed that eToro operated as an unlicensed broker and clearing agency since at least 2020.

An IPO would occur amid rising interest in cryptocurrencies, partly driven by President-elect Donald Trump’s decision to appoint a crypto-friendly businessman to lead the U.S. Securities and Exchange Commission.

This shift could pave the way for more crypto-focused companies to go public. Bitcoin (BTC) prices have surged past $100,000, reflecting this renewed enthusiasm.

eToro’s platform allows users to trade various assets, including cryptocurrencies, and follow the trades of successful investors. It has over 38 million registered users worldwide.

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Crypto-Friendly Retail Trading Platform eToro Files for IPO on US Stock Market: Report

Published

3 months ago

January 19, 2025

admin

Israel-based retail trading firm eToro is reportedly spurning the London Stock Exchange in hopes of chasing a US initial public offering (IPO).

According to a new report by The Financial Times, people familiar with the matter say that the crypto-friendly trading platform has made confidential filings with the U.S. Securities and Exchange Commission (SEC) even though its largest market is the United Kingdom.

Confidential filings allow firms to pursue their plans without revealing them to the public until they are ready.

The report also says that eToro is seeking a $5 billion evaluation and could be live in the New York markets as soon as Q2 of this year.

Last year, eToro chief executive and founder Yoni Assia told The Financial Times that being listed in the US instead of in the UK could give the company access to more investors.

“Very few of our global clients would trade UK shares. Something in the US market creates a pool of both deep liquidity and deep awareness for those assets that are trading in the US.”

eToro, which launched in 2007, had tried to go public in 2021 through a $10.4 billion deal with a Special Purpose Acquisition Company (SPAC) but eventually canceled the plans after the implosion of SPACs.

In 2023, eToro was valued at $3.5 billion after a funding round where the firm raised $250 million from investors such as the Tokyo-based asset management firm SoftBank and market data company Ion Group.

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