
eToro is expected to go public in New York by the second quarter of the year, following a confidential initial public offering filing in the U.S.
According to insider sources cited by the Financial Times on January 16, the crypto exchange and equity trading platform eToro has submitted its initial public offering documents to the Securities and Exchange Commission confidentially.
The report reveals that eToro’s IPO has backing from major industry players like Goldman Sachs, Jefferies, and UBS as distribution partners. This announcement confirms earlier reports from early December.
Furthermore, sources familiar with the situation indicated that eToro might launch its shares in New York by the second quarter of 2025, targeting a $5 billion valuation for its IPO, an increase from its 2023 market cap of $3.5 billion.
eToro’s journey to a US IPO
The idea of an IPO has been discussed since March 2021 when the Israel-based crypto and stock trading company aimed to go public through a Special Purpose Acquisition Company merger with FinTech Acquisition Corp. V, led by banking veteran Betsy Cohen.
This SPAC deal, which targeted a $10.4 billion valuation, ultimately failed during the 2022 bear market after the SEC rejected eToro’s bid.
Similarly, Circle also attempted to go public via a SPAC deal with Concord Acquisition Corp., but that agreement fell through due to delays from the SEC. Circle, which issues the second-largest stablecoin in crypto (USDC), has also confidentially filed for an IPO with the SEC and relocated its headquarters to New York pending SEC approval.
If successful, eToro would join an exclusive group of crypto-related companies listed on New York stock exchanges, including various Bitcoin (BTC) miners like Marathon Digital, as well as the crypto exchange giant Coinbase and Trump Media’s acquisition target, Bakkt.
The company agreed to pay a $1.5 million fine to resolve allegations of securities violations made by the U.S. SEC.