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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.
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.
STORY CONTINUES BELOW
- 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.
Read more: How eToro Got Ready to Go Public
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
