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?
