The social network for cryptocurrency investors eToro is preparing to go public in the wake of Coinbase.
eToro, a cryptocurrency trading platform with elements of a social network, is preparing to enter the list of public companies. EToro CEO Yoni Assia considers the current moment to be the most appropriate – the growth of the cryptocurrency market is combined with an interest in social trading and the company’s own success. EToro grew 147% in 2020.
Rather than a traditional IPO or, as in the case of the Coinbase cryptocurrency exchange, a direct listing, the eToro team chose SPAC as the way to enter the NASDAQ. This means that eToro will merge with one of the companies already listed on the traditional market – in this case, the NASDAQ stock exchange.
eToro intends to acquire SPAC Fintech Acquisition Corp V, also known as Fintech V. The latter is listed on NASDAQ under the ticker FTCV. Following the merger, his company will ditch the FTCV ticker, according to eToro’s CEO.