eToro sets sights on US IPO in 2025
eToro sets sights on US IPO in 2025
According to Bloomberg, the trading platform, valued at $3.5 billion in its last funding round, is exploring a public offering amid growing global expansion and crypto market momentum.
eToro may go public as early as the second quarter of 2025, according to a report by Bloomberg. The Israeli-founded trading and investment platform is reportedly collaborating with Goldman Sachs to facilitate a potential initial public offering (IPO) in the U.S. Neither eToro nor Goldman Sachs provided comments on the matter.
Earlier this year, eToro CEO Yoni Assia told the Financial Times that the company was considering an IPO in either New York or London. In 2021, eToro attempted to go public through a $10.4 billion merger with a blank-check firm, but the deal was abandoned a year later.
In its most recent funding round in March 2023, eToro raised $250 million at a valuation of $3.5 billion. The round was led by ION Group and SoftBank's Vision Fund 2, with participation from Velvet Sea Ventures and other existing investors.
eToro expanded its offerings in September 2023 by acquiring the Australian investing app Spaceship for approximately $55 million. This acquisition not only bolstered eToro’s presence in the Australian market but also added superannuation services to its portfolio as part of its broader strategy to grow its long-term savings propositions globally.
An IPO would occur amid heightened enthusiasm for cryptocurrency assets, which are a significant part of eToro’s platform. This follows U.S. President-elect Donald Trump’s appointment of a crypto-friendly successor to the outgoing chairman of the SEC, a move expected to encourage more crypto-related financial activities.
In September 2023, eToro settled charges with the SEC by agreeing to pay a $1.5 million penalty. The SEC alleged that eToro had operated as an unregistered broker and clearing agency since at least 2020, allowing U.S. customers to trade crypto assets the regulator classified as securities without meeting federal registration requirements. eToro neither admitted nor denied the allegations, and the settlement's restrictions apply solely to its U.S. operations.
