Israel-based retail trading firm eToro is reportedly turning down the London Stock Exchange in hopes of pursuing a U.S. initial public offering (IPO).
According to a new report from The Financial Times, people familiar with the matter say the crypto-friendly trading platform has filed confidential documents with the US Securities and Exchange Commission (SEC), even though its largest market is the United Kingdom.
Confidential documents allow companies to move forward with their plans without revealing them to the public until they are ready.
The report also says eToro is looking for a $5 billion valuation and could be live in the New York markets as early as the second quarter of this year.
Last year, Yoni Assia, CEO and founder of eToro, told The Financial Times that listing in the US instead of Britain could give the company access to more investors.
“Very few of our global clients would trade UK shares. Something about the US market is creating a pool of both deep liquidity and deep awareness for the assets traded in the US.”
Launched in 2007, eToro had attempted to go public in 2021 through a $10.4 billion deal with a special purpose acquisition company (SPAC), but ultimately canceled the plans following the implosion of SPACs.
In 2023, eToro was valued at $3.5 billion following a funding round in which the company raised $250 million from investors such as Tokyo-based asset management firm SoftBank and market data firm Ion Group.
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