eToro to go public via merger, valued at about $10 billion

The cryptocurrency-friendly investment platform eToro announced its entry to the public markets via a merger with FinTech Acquisition Corp. V.

We’re excited to share that eToro will become publicly traded through a business combination with FinTech Acquisition Corp. V ($FTCV). Info: https://t.co/gVuS14A3Ak

— eToro (@eToro) March 16, 2021

FinTech Acquisition is a [simple_tooltip content=’a special-purpose acquisition company with no assets, operating history or business plan’]SPAC company[/simple_tooltip]. The aim of such organizations is to merge with another private firm that wants to go public, bypassing an IPO.

The merged company will be named eToro Group Ltd and will trade on Nasdaq. According to The Block, its valuation will be about $10.4 billion.

In December 2020, media outlets reported plans for eToro to go public. At the time, the company described this information as \”market rumors\”.

Earlier, on February 25, 2021, the U.S. Securities and Exchange Commission approved the application for Coinbase’s [simple_tooltip content=’the process of going public through the sale of existing shares rather than new shares’]direct listing of shares[/simple_tooltip].

The market capitalization of the trading platform on Nasdaq Private Market before the start of trading of shares in the main market stood at $90 billion.

EToro Press Release by ForkLog on Scribd

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