EToro has confidentially filed for a US initial public offering (IPO) that could value the online investment platform at over $5 billion.
According to sources cited by the Financial Times, the firm has submitted confidential filings to the SEC for the IPO. Founded in 2007 as a “social investment network” aimed at democratizing access to capital markets, eToro allows millions of users worldwide to trade a wide range of assets, including fractional equities and cryptocurrencies.
This marks eToro’s second attempt at going public; in 2022, the company abandoned a planned $10.4 billion SPAC deal that would have led to a listing on Nasdaq. The following year, eToro successfully raised $250 million in funding, achieving a valuation of $3.5 billion.
In September, the company’s US branch agreed to pay $1.5 million and halt trading in nearly all crypto assets to settle SEC charges. However, it continues to offer trading in bitcoin, bitcoin cash, and ether.