Crypto trading giant eToro has officially set its sights on Wall Street, confirming on Wednesday that it has confidentially filed for an initial public offering (IPO) in the United States. The move marks the latest chapter in the fintech company’s yearslong struggle to debut on public markets.

In a brief statement, eToro revealed that it had submitted a draft registration statement with the U.S. Securities and Exchange Commission (SEC). However, the trading platform has yet to determine the number of shares it will offer or the expected price range.

The company noted that the IPO will proceed only after the SEC completes its review, leaving the timing of its public debut uncertain.

From $10.4B SPAC Deal To A Second Attempt At Public Listing

This isn't eToro’s first attempt to join the ranks of publicly traded fintech firms. In March 2021, the company announced plans to merge with FinTech Acquisition Corp. V, a special purpose acquisition company (SPAC), in a blockbuster $10.4 billion deal.

However, by July 2022, the ambitious merger collapsed. Both parties cited unmet closing conditions, stating that despite their best efforts, they were unable to finalize the transaction before the June 30, 2022, deadline.

The failed SPAC deal was a major setback, but eToro didn’t abandon its quest for a public listing.

Funding Rounds And A Valuation Reset

Following the scrapped SPAC deal, eToro returned to private funding, securing $250 million in March 2023 at a significantly reduced valuation of $3.5 billion—a stark contrast to its earlier $10.4 billion projection.

Despite this drop, the company remained determined. In December 2023, reports surfaced that Goldman Sachs had been hired to spearhead its IPO, signaling eToro’s continued efforts to secure a public listing.

By early January 2024, rumors swirled that eToro had already filed for an IPO, seeking a $5 billion valuation—a compromise between its 2021 high and its post-SPAC setback value.

What’s Next For eToro?

As the SEC reviews eToro’s filing, the market is left wondering: Will the crypto trading firm finally break through, or will it face yet another hurdle?

With the volatile nature of crypto markets, regulatory scrutiny, and competition from other trading platforms, eToro’s journey to an IPO is anything but certain.

One thing is clear—the fintech world will be watching closely as eToro takes its next big step toward Wall Street.