EToro, the crypto-friendly trading platform, files for an initial public offering on the NYSE

EToro, a stock and crypto trading platform aimed at retail investors, is looking to sell shares to the public on the New York Stock Exchange. Financial Times This was reported based on the confidential application of the US Securities and Exchange Commission.

The sale, which will come early in the second quarter, could value the company at more than $5 billion, the FT said. The company is advised by Goldman Sachs, Jefferies and UBS.

If successful, eToro would join Coinbase (COIN) and Robinhood (HOOD) as one of the few publicly listed companies offering crypto trading in the US.

The estimate would be less than half the level expected in 2021 Disclosure is scheduled through a $10.4 billion deal with a special purpose acquisition company (SPAC). there was an attempt Abandoned at the end of 2022 as a result of unfavorable market conditions.

According to the FT, in 2023 eToro secured $250 million in funding from $3.5 billion of investors, including SoftBank, whose valuation fell. The valuation rose amid a rally in the stock and cryptocurrency markets after the company agreed to pay $1.5 million. SEC settlement of payments it operated as an unregistered broker and unregistered clearing agency and facilitated the trading of certain crypto assets as securities.

Although eToro’s cryptocurrency trading volume is unknown, Finance Magnates reported it last year Increased by more than 500% in the year ending November.

Founded in Israel in 2007, the company manages $11.3 billion for more than 3 million clients. These assets include not only cryptocurrencies, but also stocks and exchange-traded funds.

Last year, as a result of a settlement with the SEC, it agreed to suspend trading for several cryptocurrencies in the United States, restricting users in the country from trading Bitcoin (BTC), Bitcoin Cash (BCH) and Ether (ETH). .

The company did not respond to a request for comment.