Etoro Group Ltd. is preparing to launch a long-lagged early US public offering soon next week, Bloomberg reported, citing people familiar with the issue.
The Israel-based trading platform suspended its IPO plan in early April, which temporarily derailed trading activities, Bloomberg reports.
The company had applied to the SEC in late March, but due to “liberation day” volatility, Etro delayed its offering. Bloomberg says it is currently rethinking its public debut as volatility has been eased and comparable platforms like Robinhood are at over 16%.
Founded in 2007, Etoro offers stock and crypto trading, allowing users to mirror the portfolio of top investors. Previously, they tried to publish it via SPAC at a $10.4 billion valuation.
Finance has shown a sharp rebound in 2024, with a $931 million committee and net profit of $192 million, up from $639 million and $15.3 million in 2023.
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The IPO is led by Goldman Sachs, Jeffreys, UBS and Citigroup. The shares trade on Nasdaq under the ticker “Etor”.
Etoro’s list marks one of the first IPOs to be revived after the Trump-induced IPO freeze. The company recently agreed to pay $1.5 million to limit US crypto products and resolved an SEC complaint regarding the business of a non-licensed brokerage company.
Despite regulatory scrutiny, broader crypto sentiment has improved, with Bitcoin trading exceeding $100,000, with expectations of loose SEC surveillance under Trump’s new administration.
Etoro is targeting the valuation reaching more than $3.5 billion in the 2023 funding round, backed by SoftBank Vision Fund 2 and Ion Group. Final IPO decisions may still vary based on market conditions.
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