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2.06%EToro, Crypto-Friendly Trading Platform, Files for U.S. IPO
The trading platform is seeking a $5 billion valuation and could list as soon as the second quarter, the Financial Times said
Jan 16, 2025, 4:07 p.m.
What to know:
- Trading platform eToro filed to sell shares to the public on the New York Stock Exchange, and is seeking a $5 billion valuation.
- If successful, the company will be one of the few publicly listed companies to offer crypto trading.
- An attempt to go public in 2021 through a $10.4 billion SPAC deal, failed because of unfavorable market conditions.
EToro, a stocks and crypto trading platform targeting retail investors, is looking to sell shares to the public on the New York Stock Exchange, the Financial Times reported, citing a confidential filing with the U.S. Securities and Exchange Commission.
The sale, which could come as early as the second quarter, could value the company at more than $5 billion, the FT said. Goldman Sachs, Jefferies and UBS are advising the company.
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If successful, eToro would join Coinbase (COIN) and Robinhood (HOOD) as one of the few publicly listed companies offering crypto trading in the U.S. It would be much smaller than either: Coinbase has a $69 billion market cap and Robinhood $40 billion.
The valuation would also be less than half the level it sought in 2021, when it planned to go public through a $10.4 billion deal with a special purpose acquisition company (SPAC). The attempt was abandoned late in 2022 as a result of unfavorable market conditions.
In 2023, eToro secured $250 million in funding at a $3.5 billion valuation from investors including SoftBank as its valuation plunged, according to the FT. The valuation has since risen amid an equity and cryptocurrency market rally, and after the company agreed to pay $1.5 million to settle SEC charges it operated as an unregistered broker and unregistered clearing agency and facilitated trading in some crypto assets as securities.
While eToro's cryptocurrency trading volume isn’t known, Finance Magnates reported last year that it surged more than 500% in the year ended November.
The company, founded in Israel in 2007, reportedly manages $11.3 billion for over 3 million customers. These assets include not only cryptocurrencies, but also stocks and exchange-traded funds.
Last year, as a result of its settlement with the SEC, it agreed to drop trading for multiple cryptocurrencies in the United States, limiting its users in the country to trade bitcoin (BTC), bitcoin cash (BCH), and ether (ETH).
The company did not respond to a request for comment.
Francisco Rodrigues
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk's $1,000 disclosure threshold.
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