eToro is planning for an initial public offering (IPO) this year with a valuation of $5 billion.
Israeli daily business newspaper, Calcalist, reports that the broker is eyeing a listing in New York and is already in talks with Goldman Sachs for making the arrangements for the public listing.
Though officially not confirmed, the Israeli company is planning to end the listing by the end of the second quarter of 2021.
Additionally, Etoro is considering a possible merger with a special purpose acquisition company (Spac) to expedite the listing process.
However, eToro notes that it “does not comment on market rumours,” a company spokesperson tells Finance Magnates, refusing to confirm or deny the claim.
There has been growing demand for eToro’s products and services, especially with the increased retail demand since the beginning of the coronavirus pandemic.
According to the latest figures, the platform has over 15 million trades on-board.
The broker has tripled its valuation to $2.5 billion, Calcalist reports.
Jumping from a $800 million valuation following its last funding round in 2018, the digital brokerage has sold at least $50 million in shares.
Competitor, Robinhood, is also planning to go public this year with a valuation of $20 billion.