eToro to go public in a $10B merger


TL;DR Breakdown

  • EToro gets ready for one of the biggest SPAC mergers.
  • The trading company is seeking public listing in the United States.

The popular trading platform eToro is steadying itself to be the next big thing among members of the public as it sets to partner in a $10 billion merger. The trading platform which offers features such as copy trading and crypto acceptability is aiming for a public listing with this new merger deal.

While the merger is still strongly on the cards, the trading giant is in touch with a special purpose acquisition company (SPAC), Fintech V, in order to raise about $650 million in equity so as to push forward the deal. With Fintech V holding cash trust to the tune of $250 million, redemption from its shareholders will present the emerging company with a cash reserve balance of about $800 million at inception.

SPAC mergers and eToro

The trading company is not the only crypto associated company to be involved in United States SPAC mergers. Mergers of this type have been seen in recent times, an example being the talks between a U.S. SPAC firm and Bakkt in early 2021 as regarding a merger to the tune of about $2.1 billion. However, should eToro‘s $10 billion merger proceed as planned, it could be the largest in recent times.

Meanwhile, the crypto broker is a regulated entity. Currently operating under regulation in Australia, Gibraltar, UK and Europe, the trading company also operates in the US as a broker-dealer having received its license from the country’s regulatory body in 2019.

The quest for public listings 

EToro is one of many entities to seek a public listing in the United States. Speculations had it at a time that it will begin its initial public offering by the end of 2021. However, these speculations are still unverified.

eToro initially started with Bitcoin acceptance, then it expanded its horizon and began accepting Ethereum and Litecoin. Currently, the platform accepts so many other cryptocurrencies on it. It was also among brokers and other decentralized exchanges that de-listed Ripple’s XRP when the Securities and Exchange Commission filed its initial lawsuit against the San Francisco based company back in December, 2020.

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