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The trend of companies offering crypto services planning to go public has another representative – the multi-asset brokerage company eToro. The move will become possible after a merger with a Special Purpose Acquisition Company (SPAC) called FinTech Acquisition Corp. V.
- Founded in 2007, eToro is a trading platform enabling its more than 20 million registered users to invest in various cryptocurrencies, stocks, commodities, exchange-traded funds, etc. Earlier today, Reuters broke the news about the company’s plans to go public.
- The firm will employ a process that has been surging in popularity lately – through a merger with a blank-check (SPAC) firm. In eToro’s case, the SPAC is called FinTech Acquisition Corp V and is backed by banking entrepreneur Betsy Cohen.
- According to preliminary estimations, the equity value of the combined entity is at $10.4 billion.
- Yoni Assia, eToro’s CEO, called the move a “significant milestone” as the company will enable users to invest in its stocks as well.
“Becoming a publicly-traded company will support our continued expansion as a business. It will allow us to increase our market share, expand into new markets, and continue to grow our innovative product offering to meet the evolving needs of our customers.” – he added.
- As CryptoPotato reported before, there are a few other companies in the cryptocurrency space that have announced plans to go public.
- The largest US-based crypto exchange, Coinbase, declared its plans in late 2020 and later revealed that it will do it through a direct listing instead of an initial public offering (IPO).
- Bakkt, the Bitcoin futures trading platform operated by the Intercontinental Exchange (ICE), also employed the SPAC route by merging with VPC Impact Acquisition Holdings.