Israel is the online trading platform I Toro The Financial Times has presented a secret file to the US Securities and Exchange Commission (SEC) on a preliminary public offering in Wall Street, according to the Financial Times. As the newspaper “Global” reported last month, the company’s planned evaluation is $ 5 billion.
According to the report, the company plans to complete the public subscription in the second quarter of 2025, which will be led by Goldman Sachs and Jeffrez and UBS.
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Most ETORO activities are located in Europe, where 75% of its revenues are produced there. Consequently, the decision of the first public subscription contract in New York is a strategic step to expand the investor base. The company currently operates 1700 employees, of whom 1,000 are in Israel.
The second attempt by Etoro
This will be the second attempt of Etoro to become a public company. Three years ago, the company tried to include on the Nasdak Stock Exchange by the merger of SPAC. The planned integration, which was evaluating a company for more than 10 billion dollars, did not succeed due to the deterioration of the market conditions and the organizational challenges facing encrypted currencies.
In September 2024, EToro faced more organizational challenges after the Securities and Exchange Commission (SEC) demanded to restrict its digital currency activities. The company was forced to pay a fine of $ 1.5 million, and the trading of encrypted currencies in the United States was limited to three types of cryptocurrencies – Bitcoin, Cash, and Ethereum.
Mixed results
Etoro, which was established in 2007 by the Asia Uni and Ronin brothers, developed a trading platform for investors in a wide range of assets, including goods, stocks, indicators and cryptocurrencies. The company has announced mixed results in recent years. In 2023, Etoro announced a net profit of $ 107 million after losing more than 40 million US dollars in 2022. However, in 2023 revenues amounted In 2021, in 2023, EToro raised funds based on the company’s evaluation of $ 3.5 billion – which is much lower than the evaluation it is now seeking in Wall Street, the public offering.
Posted by Globes, ISRAEL BUSINASS News – En.globes.co.il – on January 19, 2025.
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