Crypto-friendly eToro Is Going Public With a $10.4 Billion Valuation

Crypto-friendly eToro Is Going Public With a $10.4 Billion Valuation

The platform is going public via a merger with a SPAC, FinTech Acquisition Corp. V.

Trading platform eToro is planning to go public through a merger with a blank-check firm. The agreement with FinTech Acquisition Corp. V would provide the company a $10.4 billion valuation.

The companies are raising $650 million in equity to support the deal. eToro is planning to go public in the second half of this year.

A rival to Robinhood Markets, eToro became a member of the US Financial Industry Regulatory Authority (FINRA) just last year. Founded in 2007, the company with 20 million registered users across the world expanded into the US in 2018.

The zero-commission trading platform also supports cryptocurrency trading but has limited digital assets available for users. Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), XRP, Litecoin (LTC), and XLM are the only supported cryptos on the platform.

In the crypto space, just last week, digital asset manager CoinShares also began trading on Nasdaq Nordic. Nasdaq First North Growth Market is an alternative stock exchange for small and medium-sized growth companies in Europe.

After an oversubscribed public offering by 400%, amidst the bull market, the shares started trading under the ticker “CS” changed from “COIN” as mentioned in the earlier release. “COIN” was also proposed for the leading crypto exchange in the US, Coinbase, which is going public through the direct listing with a $100 billion valuation.

CoinShares welcomed around 2,280 new shareholders. Last month, the Jersey-based investment firm launched an Ethereum exchange-traded product (ETP) on the Swiss SIX exchange with $75 million in AUM.

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Author: AnTy

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