The cryptocurrency-friendly investment platform eToro has not abandoned its plans to go public, according to CEO Yoni Assia in a conversation with CNBC.
“We are definitely looking at public markets. I definitely see us eventually becoming a public company,” he emphasized.
Assia did not specify a timeline but noted that eToro has established relationships with exchanges, including Nasdaq. He stated that the firm “always evaluates the right opportunity at the right time and in the right market.”
According to reports provided to CNBC, in 2023 the company recorded revenue of $630 million ($631 million in the previous period). Meanwhile, EBITDA amounted to $100 million. Total assets under management exceeded $10 billion, and the number of registered users reached 35.5 million.
In March 2021, eToro announced its intention to achieve public status through a merger with FinTech Acquisition Corp. V.
The parties postponed the deal’s conclusion until June 2022 due to the lack of approval from the U.S. Securities and Exchange Commission. According to documents, the estimated valuation of the combined company decreased from $10.4 billion to $8.8 billion.
In July 2022, media reported eToro’s withdrawal from going public via SPAC.
In August 2023, the Australian regulator filed a lawsuit against the platform due to concerns over its range of CFD products, which allow speculation, including on cryptocurrencies.