eToro, a platform known for its cryptocurrency-friendly trading capabilities, has filed confidential documents for an initial public offering (IPO) in the United States. The company is reportedly aiming for a valuation exceeding $5 billion and plans to list its shares in New York as early as the second quarter of 2025. This strategic move comes as eToro seeks to broaden its investor base beyond its largest market in the United Kingdom.
The confidential filing with the U.S. Securities and Exchange Commission (SEC) allows the company to privately prepare for its public offering before revealing official details. In 2023, eToro successfully raised $250 million in a funding round, which valued the company at $3.5 billion. The forthcoming IPO could significantly increase this valuation.
eToro has enlisted the services of leading financial institutions, including Goldman Sachs, Jefferies, and UBS, to assist with its IPO plans. Founded in 2007, eToro has grown into a global social investment and multi-asset brokerage firm, permitting trades in a variety of assets such as stocks and cryptocurrencies.
In a recent development, eToro had to cease the trading of most cryptocurrency assets in September 2024, following a settlement with the U.S. SEC over alleged violations of federal securities laws. Despite this, the company is pushing forward with its IPO plans to further expand its presence and investor reach.