eToro, an Israeli-British cryptocurrency trading and brokerage company, is reportedly considering an initial public offering (IPO) next year, according to a report from Calcalist, a newspaper in Israel.
The report indicated that eToro is in discussions with Goldman Sachs regarding its plan to go public. It is also reportedly considering pursuing a merger with a Special Purpose Acquisition Company (SPACs) to speed up its “entry into the Wall Street trading.”
“eToro is targeting an IPO in the second quarter of 2021 after doubling its revenue to $500 million and gaining five million new customers in 2020x. It is currently in talks with investment bank Goldman Sachs regarding leading the IPO,” Calcalist reported.
The Israeli-British cryptocurrency trading and brokerage company’s valuation could be around $5 billion in an IPO.
eToro is popular and profitable
The newspaper noted that eToro is profitable. This year, its revenue doubled to $500 million. An institutional investor acquired more than $50 million worth of eToro shares in the secondary market, bringing its valuation to $2.5 billion.