Media reports that eToro abandons SPAC route to go public

The cryptocurrency-friendly investment platform eToro has paused its process to go public via a SPAC merger. This is reported by The Information, citing a source.

According to the publication, the deal with FinTech Acquisition Corp. V was scheduled for June 30. However, the process did not move forward, a source said.

eToro did not comment on the information, but announced an update in the coming days.

In December 2020,reported plans for the platform to go public. At the time, the company called these ‘market rumours’.

In March 2021, eToro announced its intention to obtain public status through a merger with FinTech Acquisition Corp. V.

The parties delayed closing the deal until June 2022 due to lack of approval from the U.S. Securities and Exchange Commission. According to the filings, the estimated valuation of the combined company fell from $10.4 billion to $8.8 billion.

In April, eToro announced the launch of a program to support early NFT creators and the NFT ecosystem with $20 million.

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