Social trading and investment marketplace company eToro Group Ltd. has officially filed its paperwork for an initial public offering just over two months after it first reported that it had done so confidentially.

According to the company’s IPO filing with the U.S. Securities and Exchange Commission, eToro had $12.6 billion in revenue in 2024, with net income coming in at $192 million. The figures were way up from $3.89 billion in revenue and $15.3 million in net income in 2023.

How eToro managed to multiply its revenue and net income figures over the course of the year does not come as a complete surprise: cryptocurrency. As Bloomberg pointed out, 96% of eToro’s revenue was from crypto assets last year, much of it driven by the election of President Donald Trump, who is more friendly toward cryptocurrency than his predecessor.

The decision by eToro to go public follows a failed attempt by the company to trade on public markets through a merger with special-purpose acquisition company FinTech Acquisition Corp. V. Announced in March 2021, the plans for the SPAC merger were terminated in July 2022, officially because of conditions between the two companies not being satisfied, but more likely market conditions were a dominant factor.

The proposed size of the IPO and price guidance were not disclosed in the filing, although previous reports have suggested that eToro could be valued at $5 billion, less than half of the $10.4 billion valuation the company would have had if it had gone public in 2022. Though a decline, if the IPO does value eToro at $5 billion, it would value eToro as being worth more than when it raised $250 million on a $3.5 billion valuation in 2023.

EToro follows in the footsteps of artificial intelligence cloud platform company CoreWeave Inc., which filed for its own IPO last week. CoreWeave is seeking to sell 49 million shares at $47 to $55 on a valuation of $26 billion to $35 billion, likely late this week.

Companies that have gone public so far this year include identity security company SailPoint Technologies Inc., which successfully raised $1.38 billion at $23 per share on Feb. 13.

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