eToro Seeks Public Listing Amid $5 Billion Valuation Plan

What You Need to Know:

The trading platform eToro has submitted a request to go public on the New York Stock Exchange, targeting a valuation of approximately $5 billion.
If this attempt succeeds, eToro will be among the few publicly traded companies offering cryptocurrency trading in the U.S.
In 2021, a prior attempt to go public via a $10.4 billion SPAC deal was unsuccessful due to unfavorable market conditions.

Context

eToro, established in Israel in 2007, aims to raise funds through this IPO as it seeks to regain momentum in an evolving equity and cryptocurrency marketplace. With over 3 million customers and $11.3 billion under management, eToro's market presence is considerable, particularly in the sphere of retail trading.

Financial Outlook

The company has witnessed fluctuating valuations over the years, highlighted by a recent dip to $3.5 billion in 2023 after a $250 million funding round with support from investors including SoftBank. However, the valuation has since rebounded due to an upswing in both stocks and cryptocurrency markets.

For more details, refer to the report by the Financial Times.