Israeli-based multi-asset investment platform eToro has officially announced its intention to file for an IPO on Wall Street.
The firm is reportedly targeting a valuation of no less than $5 billion. Established in 2007 as a ‘social investment network’ aimed at democratizing access to capital markets, eToro now boasts 35 million users globally who can trade a variety of assets, including fractional equities and cryptocurrencies.
This isn’t eToro’s first attempt at becoming publicly listed; in 2022, the company aborted a planned $10.4 billion SPAC deal that would have allowed it to appear on the Nasdaq exchange. In the subsequent year, eToro successfully raised $250 million in funding, achieving a valuation of $3.5 billion.