The retail crypto and stock trading app could go public in the U.S. at a $5 billion valuation.

EToro, a major retail stock and crypto trading platform, has filed for an IPO, according to a Jan. 16 report from the Financial Times.

The company has filed confidentially with the U.S. Securities and Exchange Commission (SEC), the newspaper’s anonymous sources say. The firm could carry out the initial public offering by the second quarter of 2025.

Several banks, including Goldman Sachs, Jefferies and UBS, are reportedly involved. EToro and the banks have not commented on or confirmed the reports.

EToro could reach a $5 billion valuation through the IPO. That’s higher than its earlier valuation of $3.5 billion, which was reported during a 2023 funding round. Both numbers are lower than its 2021 valuation of $10.4 billion, which was reported when the firm unsuccessfully attempted a SPAC deal about four years ago.

EToro’s larger competitor, Robinhood, went public in 2021. Robinhood incidentally settled with the SEC in January, though the settlement appears unrelated to the agency’s pending legal action against Robinhood’s crypto unit.

The Financial Times previously reported in March 2024 that eToro was considering an initial public offering in either New York or London.

At that time, the company’s consideration of a U.S. listing was motivated by a desire to reach a wide range of investors globally.

Though eToro is based in Israel and has a significant U.K. presence, CEO and founder Yoni Assia believed few global clients would trade U.K. shares.

By contrast, a U.S. listing would attract investors internationally, including those in the U.K. and Germany, he said. Assia added that the U.S. market “creates a pool of both deep liquidity and deep awareness” for assets that trade within it.

EToro launched in 2007 with a focus on stocks and financial markets. It added access to cryptocurrencies around 2013.

Though crypto trading remains a core feature, the U.S. SEC has weakened eToro’s ability to provide crypto features to the U.S. market.

In September 2024, eToro settled with the SEC, which alleged that the company operated an unregistered broker and clearing agency. EToro was not required to admit or deny the findings, but it paid a $1.5 million fine and discontinued most of its cryptocurrency listings for U.S. users.

As of 2025, eToro only provides Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH) trading to U.S. users. In some states, access is barred entirely.

EToro offers a wider selection of crypto to users in other jurisdictions. In January, it said it supported over 100 cryptos announced the addition of five new tokens.