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Trading platform eToro, known for its cryptocurrency-friendly approach, has reportedly filed for an initial public offering (IPO) in the United States.

According to a report by the Financial Times on Jan. 16, the company submitted confidential documents to the U.S. Securities and Exchange Commission (SEC) earlier this month, signaling plans for a potential New York listing.

Sources familiar with the matter suggest that eToro's IPO could value the business at more than $5 billion, with the listing expected as early as the second quarter of 2025.

While eToro's largest market remains the United Kingdom, the company is pursuing a U.S. listing to capitalize on the broader investor base and deeper liquidity available in American markets.

"Very few of our global clients would trade UK shares," eToro founder and CEO Yoni Assia remarked last year.

"The U.S. market offers a combination of significant liquidity and widespread awareness for the assets being traded."

Confidential filings with the SEC allow companies to work on public offering plans privately until they are ready to release official details.

The move comes after a $250 million funding round in 2023 that valued the brokerage at $3.5 billion, suggesting a significant increase in valuation ahead of the IPO.

Major financial institutions, including Goldman Sachs, Jefferies, and UBS, are reportedly assisting eToro with its IPO preparations.

Founded in 2007, eToro is a global social investment and multi-asset brokerage platform enabling users to trade a wide range of assets, including stocks and cryptocurrencies.

It was among the first regulated trading platforms in Europe to offer Bitcoin services, launching cryptocurrency trading in 2013.

The company expanded its crypto offerings in the U.S. market in 2019, supporting tokens such as Bitcoin, Ether, Bitcoin Cash, Litecoin, XRP, and others.

Despite its crypto-friendly reputation, eToro faced regulatory challenges in September 2024, when it ceased trading for most cryptocurrency assets following a settlement with the SEC over alleged violations of federal securities laws.

The company's planned IPO highlights its efforts to strengthen its position in global financial markets while tapping into the U.S. investor base, a strategic move in its ongoing expansion.

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