eToro to Go Public via Merger With SPAC; Combined Firm to Have $10.4B Value

The combined company will operate as eToro Group Ltd. and be listed on the Nasdaq.

AccessTimeIconMar 16, 2021 at 12:01 p.m. UTC
Updated Sep 14, 2021 at 12:27 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Trading platform eToro said Tuesday it will become publicly traded via a merger with a special purpose acquisition company (SPAC). The site has long supported cryptocurrency buying and selling.

  • Through a merger with FinTech Acquisition Corp. V, the combined entity will have a implied equity value of about $10.4 billion, reflecting an implied enterprise value for eToro of about $9.6 billion, eToro said.
  • The deal includes $250 million in gross proceeds from FinTech V's cash in trust from a fully committed private placement in public equity at $10 per share that will close at the same time as the merger.
  • The combined company will operate as eToro Group Ltd. and be listed on the Nasdaq. eToro said it expects to have about $800 million net cash on its balance sheet.
  • FinTech Acquisition Corp. V is led by Betsy Cohen, who has been involved with several other SPACs, including one that took Perella Weinberg public.
  • Goldman Sachs is advising eToro while Citi is advising FinTech V.
  • The eagerly awaited publicly listing of Coinbase, which may reach a valuation of $100 billion, has been expected to ignite a wave of crypto firms to go public, many of them using SPACs. 
  • Bakkt, the cryptocurrency exchange launched by  Intercontinental Exchange (ICE) in 2018, is also expected to carry out a SPAC merger later this year, valuing the combined entity at $2.1 billion.
  • "We started this year with a bang thanks to the crypto rally," eToro CEO Yoni Assia told CoinDesk in an interview.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about