Source: Cointelegraph Original: "{title}"
The cryptocurrency-friendly trading platform eToro has once again submitted an initial public offering (IPO) application in the United States after several previous attempts.
The company announced on March 24 that it has submitted an F-1 registration statement related to the IPO of its Class A common stock to the U.S. Securities and Exchange Commission (SEC).
The announcement stated that eToro has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "ETOR." The announcement noted, "The F-1 registration statement related to these securities has been submitted to the SEC but has not yet become effective."
eToro's public IPO announcement. Source: eToro
According to a report by the Financial Times on January 16, eToro submitted confidential documents to the SEC over two months ago in preparation for an IPO in New York.
The report cited anonymous sources as saying that eToro submitted its IPO application in January, with a potential valuation of over $5 billion, and the platform is expected to go public in the second quarter of 2025.
Trading platforms like eToro are often used by beginner investors for purchasing their first stocks or cryptocurrencies due to their user-friendly nature.
eToro's IPO has attracted the attention of some of the world's most renowned investment banks, including Goldman Sachs, Jefferies, UBS, and Citigroup, which are the main managing underwriters.
eToro attempted to go public via SPAC in 2021
This cryptocurrency-friendly trading platform has made several attempts to list on the U.S. stock exchange.
In 2021, eToro announced plans to go public through a merger with Fintech Acquisition Corp V, a special purpose acquisition company, with a valuation of $10.4 billion. However, the deal was terminated in mid-2022 due to unfavorable market conditions.
Although the UK remains eToro's largest market, it is seeking to list in the U.S. to gain a broader investor base.
According to reports, eToro founder and CEO Yoni Asia stated last year, "Our global customers rarely trade UK stocks. Certain characteristics of the U.S. market create deep liquidity and broad recognition for assets traded in the U.S."
In 2023, eToro raised $250 million in a funding round, reaching a valuation of $3.5 billion. A person familiar with the listing plans said that in the upcoming IPO, the company's current valuation could exceed $5 billion.
According to Forbes, eToro was one of the first regulated trading platforms in Europe to offer Bitcoin (BTC) services in 2013, just a few years after the first Bitcoin transaction in January 2009.
Related: How to Buy Bitcoin in Germany and France
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