EToro, a stocks and crypto trading platform targeting retail investors, is looking to sell shares to the public on the New York Stock Exchange, the Financial Times reported, citing a confidential filing with the U.S. Securities and Exchange Commission.
The sale, which could come as early as the second quarter, could value the company at more than $5 billion, the FT said. Goldman Sachs, Jefferies and UBS are advising the company.
If successful, eToro would join Coinbase (COIN) and Robinhood (HOOD) as one of the few publicly listed companies offering crypto trading in the U.S. It would be much smaller than either: Coinbase has a $69 billion market cap and Robinhood $40 billion.
The valuation would also be less than half the level it sought in 2021, when it planned to go public through a $10.4 billion deal with a special purpose acquisition company (SPAC). The attempt was abandoned late in 2022 as a result of unfavorable market conditions.
In 2023, eToro secured $250 million in funding at
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