eToro Sets Sights on US IPO with a Target Valuation of $5 Billion

eToro may debut on the New York Stock Exchange as soon as the second quarter of this year after submitting a confidential filing for an initial public offering (IPO) in the U.S.

According to inside sources reported by the Financial Times on January 16, eToro, a platform for crypto exchange and equity trading, has quietly filed its IPO documents with the Securities and Exchange Commission.

The report indicates that major industry players such as Goldman Sachs, Jefferies, and UBS are backing eToro’s IPO as distribution partners. This information confirms an earlier report from December.

Additionally, sources familiar with the situation have revealed that eToro is aiming to list its shares in New York by the second quarter of 2025, with a target valuation of $5 billion for its IPO, up from a $3.5 billion market cap reported in 2023.

The journey of eToro towards a US IPO

Discussions about a potential IPO have been ongoing since March 2021, when the Israeli crypto and stock trading firm sought to go public via a Special Purpose Acquisition Company (SPAC) merger with FinTech Acquisition Corp. V, a firm backed by banking expert Betsy Cohen.

However, the SPAC merger, which intended to achieve a $10.4 billion valuation, ultimately fell apart during the bear market of 2022, with eToro indicating that the SEC had turned down its proposal at that time.

Circle also attempted to become public through a SPAC merger with Concord Acquisition Corp, but that plan was also stalled due to delays from the SEC. Circle, which issues the second-largest stablecoin in the crypto market (USDC), has similarly submitted a confidential IPO filing with the SEC and has moved its headquarters to New York while awaiting SEC approval.

If eToro’s IPO is successful, it will join a select group of crypto-related companies listed on the New York Stock Exchange, which includes various Bitcoin (BTC) mining companies like Marathon Digital, as well as prominent crypto exchange Coinbase and the Trump Media acquisition target Bakkt.

The company has also agreed to pay $1.5 million to settle allegations of securities violations raised by the U.S. SEC.

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