Cryptocurrency-friendly investment platform eToro has not abandoned its plans to go public, CEO Yoni Assia told CNBC.
"We are definitely looking at the public markets. I definitely see us eventually becoming a public company," he said.
Assia did not provide a specific timeline, but said eToro has established relationships with exchanges including Nasdaq. He said the firm “always evaluates the right opportunity at the right time and in the right market.”
According to reports provided to CNBC, the company recorded revenue of $630 million ($631 million in the previous period) in 2023, with EBITDA of $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 go public through a merger with FinTech Acquisition Corp. V.
The parties have delayed the deal until June 2022 due to the lack of approval from the U.S. Securities and Exchange Commission. According to the documents, the estimated valuation of the combined company has been reduced from $10.4 billion to $8.8 billion.
In July 2022, the media learned that eToro had decided not to go public via a SPAC.
Recall that in August 2023, the Australian regulator filed a lawsuit against the platform due to claims regarding its line of CFDs, which allow speculation, including on cryptocurrencies
