Trading platform eToro is preparing to go public in a move that could see the crypto-friendly company valued at $5 billion, the Financial Times reported Thursday, citing people familiar with the matter.
The publication reports that Etoro has filed confidential regulatory filings with the SEC in the US for its initial public offering.
According to reports, eToro founder and CEO Yoni Asia said last year that listing in the US would be better for the company's international investors.
Etoro declined to comment on the report.
In the year Founded in Israel in 2007, the eToro platform allows users to trade stocks and cryptocurrencies. It first allowed Bitcoin transactions in 2013 before introducing other cryptocurrencies, according to its website. FTA added that eToro manages a total of $11.3 billion.
Last year, eToro agreed to settle charges with the SEC, which the regulator said was “an unregistered broker and an unregistered clearing agency in connection with a trading platform that facilitates the purchase and sale of certain crypto assets as securities” by paying a $1.5 million fine to US customers.
Following the lawsuit, eToro removed several cryptocurrencies from its US platform, leaving only Bitcoin, Ethereum and Bitcoin Cash.
Edited by Andrew Hayward.
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