eToro, a crypto-friendly trading platform, has reportedly filed for an initial public offering (IPO) in the United States, aiming for a valuation exceeding $5 billion. The platform plans to go public in New York as early as the second quarter of 2025, according to sources cited by the Financial Times.

Confidential Filing Submitted to the SEC

The Israeli-founded platform has made confidential filings with the US Securities and Exchange Commission (SEC). This allows eToro to prepare its IPO plans privately before making public disclosures. While details remain under wraps, the move signifies eToro’s ambition to tap into a broader investor base.

Although the United Kingdom remains eToro’s largest market, founder and CEO Yoni Assia highlighted the advantages of a US listing. “The US market creates a pool of both deep liquidity and awareness for assets trading there,” he said last year.

Valuation and IPO Strategy

eToro was last valued at $3.5 billion following a $250 million funding round in 2023. Now, the company is expected to secure a valuation exceeding $5 billion. Banks such as Goldman Sachs, Jefferies, and UBS are reportedly collaborating with eToro on its IPO plans.

Pioneering Crypto Trading Since 2007

Founded in 2007, eToro has positioned itself as a leading global social investment and multi-asset brokerage. It enables users to trade a range of assets, including stocks and cryptocurrencies.

The platform was among the first regulated trading firms in Europe to offer Bitcoin services in 2013. It expanded its cryptocurrency offerings to the US in 2019, supporting tokens such as Bitcoin, Ether, Bitcoin Cash, Litecoin, and XRP.

Challenges in the US Market

In September 2024, eToro faced regulatory challenges in the US, ceasing trading for most crypto assets after a settlement with the SEC over violations of federal securities laws. Despite these hurdles, the company appears committed to strengthening its presence in the US through its upcoming IPO.

By pursuing a public listing, eToro aims to leverage the US market’s larger investor pool and high liquidity to drive its growth. This marks a significant step in the platform’s global expansion strategy.

eToro declined to comment on the reports surrounding its IPO filing.