Crypto-friendly trading platform eToro has filed for a US IPO, reportedly targeting a $5 billion valuation with plans to expand by listing in New York soon.
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Cryptocurrency-friendly trading platform eToro has reportedly filed for an initial public offering (IPO) in the United States.
EToro has made confidential filings to the US Securities and Exchange Commission (SEC) in a move toward a potential IPO in New York, the Financial Times reported on Jan. 16.
Submitted in January, eToro’s IPO filing could value the business at more than $5 billion, the report noted, citing unidentified sources familiar with the matter.
According to the report, eToro could potentially be listed in New York as soon as in the second quarter of 2025.
US IPO would enable access to a larger investor pool
Although the United Kingdom remains its largest market, eToro is pursuing a US listing to tap into a broader investor base.
Confidential filing with the SEC lets companies work privately on their public offering plans until they decide to disclose official documents.
In 2023, eToro raised $250 million in a funding round that valued the brokerage at $3.5 billion. The business could now be valued at more than $5 billion in its upcoming IPO, said one of the people familiar with the flotation plans.
Banks, including Goldman Sachs, Jefferies and UBS, are reportedly working with eToro on its IPO plans, the report said.
Founded in 2007, eToro is a global social investment and multi-asset brokerage allowing customers to trade diverse assets, including stocks and cryptocurrencies.
In September 2024, eToro ceased trading for nearly all crypto assets after reaching a settlement with the US SEC regarding federal securities law violations.
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This article first appeared at Cointelegraph.com News