The financial trading platform, eToro, has submitted a confidential application for an Initial Public Offering (IPO) to the U.S. Securities and Exchange Commission (SEC).
When a company submits an initial registration statement to the Securities and Exchange Commission (SEC), it indicates that the document remains confidential at this stage, not yet available to the public. This preliminary filing serves as a platform for the company to receive feedback from the agency, allowing them to make any necessary revisions before publicly disclosing their intentions to launch an Initial Public Offering (IPO).
eToro to Go Public in New York
As per a Financial Times report, citing sources familiar with the situation, there are plans for an Israeli crypto and stock trading platform to potentially list on the New York Stock Exchange as soon as Q2 2025. If all goes well, they aim to achieve a valuation of $5 billion, which represents an increase from their market cap of $3.5 billion in 2023.
The findings showed that eToro teamed up with Goldman Sachs, Jefferies, and UBS for their strategic initiatives. Essentially, these financial institutions will act as advisors, guiding eToro during its Initial Public Offering (IPO) procedure.
Not the First
Previously, eToro has made an attempt to become publicly traded in the U.S., and this is not a new endeavor for them. In the year 2021, they entered into a deal with FinTech Acquisition Corp. V, a Special Purpose Acquisition Company (SPAC), at an estimated valuation of $10.4 billion.
However, the plan fell through due to the bear market of 2022. The SEC did not approve that plan.
A number of businesses in the cryptocurrency sector have tried to become publicly traded via a SPAC merger, yet these attempts have not been successful. In July 2021, for instance, Circle, the issuer of USDC, submitted an IPO application with the SEC using a SPAC deal. However, they later scrapped this plan as it did not meet the SEC’s requirements at that time. Had the deal gone through, Circle would have potentially had a valuation of $9 billion.
Crypto miner Prime Blockchain also canceled plans to go public through a SPAC deal in 2022.
Should eToro be successful, it would follow in the footsteps of firms such as Coinbase and Bakkt, becoming publicly traded in the United States. Notably, a number of Bitcoin mining companies, like Marathon Digital, are already listed on U.S. stock exchanges.
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2025-01-18 01:30