It comes as Coinbase puts the finishing touches to its stock market debut, set to take place within weeks.
Going public appears to be one of the hottest trends of 2021.
As Coinbase puts the finishing touches to its stock market debut at the end of the month, eToro has announced that it is planning to list on the Nasdaq.
The investment platform — which enables users to gain exposure to cryptocurrencies as well as equities — is also going to merge with FinTech V. Collectively, this means the newly formed company could have a market cap of about $10.4 billion.
Delving into the Numbers
Announcing the news, eToro also shared some data about its growth in 2020. The platform said it added more than five million new registered users last year and generated gross revenues of $605 million.
This trend also appears to be accelerating. More than 1.2 million people joined its platform in January 2021 alone — three times the monthly average seen in 2020. eToro also revealed that it completed 75 million trades in January, a substantial uptick compared to last year’s monthly average of 27 million.
eToro’s chief executive, Yoni Assia, said:
“We founded eToro with the vision of opening the global market for everyone to trade and invest in a simple and transparent way. Today, eToro is the world's leading social investment network. Our users come to eToro to invest, but also to communicate with each other; to see, follow, and automatically copy successful investors from all around the world.”
One of eToro’s biggest rivals, Robinhood, is also planning to go public on the Nasdaq — with reports suggesting that the listing could happen sooner rather than later. It comes as the company continues to reel from the fallout of the GameStop short squeeze, where it caused a backlash by restricting access to shares.