eToro, a social trading and multi-asset investment company, is reviving plans for an IPO after its previous effort to go public via SPAC came to a halt, Coinspeaker reports.
FinTech Acquisition V and eToro mutually agreed to terminate their merger agreement in July 2022. The deal valued eToro at $10.4 billion.
CEO Yoni Assia revealed in a recent interview with CNBC that the company is garnering interest from both bankers and investors regarding a potential IPO.
Assia added that the firm has already cultivated strong relationships with exchanges, particularly highlighting its rapport with the Nasdaq stock exchange. He suggested that eToro has laid the groundwork necessary for a public offering, indicating that it’s more a matter of when, not if, the company will list.
Reflecting on their earlier attempt, he said market downturns in both equity and crypto prices led to the abandonment of the SPAC deal. Assia, drawing from the experience, remarked that they’ve learned valuable lessons from observing market changes, particularly in the U.S.
Despite setbacks, eToro managed to secure $250 million in funding in March 2023, with a valuation of $3.5 billion, backed by investors like SoftBank Vision Fund 2, ION Investment Group, and Velvet Sea Ventures. Read more.
