Crypto
Boosted by cryptocurrency trading growth, eToro files for initial public offering – SiliconANGLE
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.
Image: 30478819@N08/Flickr
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Crypto
Standard Chartered and Coinbase Expand Institutional Crypto Rails as Banking and Exchange Infrastructure Lock in
The UK is set to introduce new legislation by 2027 that will bring cryptocurrencies, including Bitcoin, under a regulatory framework akin to traditional financial products.
The Treasury has unveiled plans for these new laws, which will mandate crypto firms to adhere to a specific set of standards and rules. These will be rigorously overseen by the Financial Conduct Authority (FCA).
This move comes amidst a broader push to reform the burgeoning crypto market, which has seen a surge in popularity as both an alternative investment and a method of payment.
Currently, unlike established financial instruments such as stocks and shares, the cryptocurrency sector lacks comparable regulation, potentially leaving consumers with reduced protection.
The Government said the new rules, coming into force in 2027, will make the industry more transparent and make it easier to detect suspicious activity, impose sanctions or hold firms to account over their activity.
Chancellor Rachel Reeves said: “Bringing crypto into the regulatory perimeter is a crucial step in securing the UK’s position as a world-leading financial centre in the digital age.
“By giving firms clear rules of the road, we are providing the certainty they need to invest, innovate and create high-skilled jobs here in the UK, while giving millions strong consumer protections, and locking dodgy actors out of the UK market.”
Crypto firms, which can include crypto exchanges and digital wallets, currently have to register with the FCA if they provide services that fall within the scope of money laundering regulations.
The changes will bring firms that provide crypto services into the remit of the FCA with the intention of supporting legitimate businesses.
City minister Lucy Rigby said: “We want the UK to be at the top of the list for cryptoassets firms looking to grow and these new rules will give firms the clarity and consistency they need to plan for the long term.”
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