Retail trading platform eToro, founded in 2007, is gearing up for a major move: an initial public offering (IPO) on the New York Stock Exchange. According to a recent report by the Financial Times, the company has confidentially filed documents with the U.S. Securities and Exchange Commission (SEC) in preparation for its public debut, potentially as early as the second quarter of this year.
This decision marks a significant shift for eToro, which has traditionally focused heavily on the UK market. However, CEO Yoni Assia believes that the U.S. market better serves the company's global ambitions, stating, "Very few of our global clients would trade UK shares. Something in the US market creates a pool of both deep liquidity and deep awareness for those assets that are trading in the US."
This move comes after a failed attempt at a $10.4 billion merger with a Special Purpose Acquisition Company (SPAC) in 2022. Assia attributed the failed SPAC deal to unfavorable market conditions at the time.
Following a $250 million funding round in 2023 led by prominent investors like SoftBank and Ion Group, which valued the company at $3.5 billion, eToro is now partnering with Goldman Sachs, Jefferies, and UBS for its IPO.
January 2025, Cryptoniteuae