eToro, a trading platform for stocks and cryptocurrencies, is working with Goldman Sachs to plan an initial US public offering. 

The company could go public as early as the second quarter of 2025, but the timing may change, according to unnamed sources familiar with the matter, Bloomberg reports.

eToro hopes to exceed the $3.5 billion valuation it achieved during a private funding round last year. Details about the IPO, including other banks that may be involved, remain under discussion. 

SEC vs. eToro

The platform faced regulatory issues in the U.S., settling allegations in September that it had operated as an unregistered broker. As part of the settlement, eToro agreed to pay $1.5 million and restrict cryptocurrency offerings for U.S. customers.

The SEC’s complaint claimed that eToro operated as an unlicensed broker and clearing agency since at least 2020.

An IPO would occur amid rising interest in cryptocurrencies, partly driven by President-elect Donald Trump’s decision to appoint a crypto-friendly businessman to lead the U.S. Securities and Exchange Commission. 

This shift could pave the way for more crypto-focused companies to go public. Bitcoin (BTC) prices have surged past $100,000, reflecting this renewed enthusiasm.

eToro’s platform allows users to trade various assets, including cryptocurrencies, and follow the trades of successful investors. It has over 38 million registered users worldwide.