Online crypto-currency and stock brokerage platform Etoro has announced its IPO via a deal with a special purpose entity called Fintech Acquisition Corp V. The Etoro merger is a $10.4 billion deal backed by bank entrepreneur and Fintech Acquisition Corp V chairman Betsy Cohen.
Etoro makes special $10.4 billion acquisition
The popular cryptocurrency trading platform and stock brokerage Etoro are planning to announce a merger worth $10.4 billion. The merger was brought about by Fintech Acquisition Corp V. The investment also comes from Japan’s Softbank and the financial manager of Vision Fund 2.
This is a Special Purpose Acquisition (SPAC) because it uses the proceeds of an IPO to take private companies public.
In addition to the merger with Fintech Acquisition Corp V, Fidelity Management & Research and Wellington Management completed a $650 million private placement of common stock.
Etoro’s latest announcement follows Coinbase’s attempt to go public this year, and Kraken CEO Jesse Powell also said his exchange is considering an IPO next year. Mining company Northern Data AG is also reportedly considering a $500 million IPO.
Competing company Etoro seeks IPO while Robinhold licks its wounds after Wall Street fiasco Bet
With Etoro offering brokerage services related to crypto currency trading options, the company is a competitor to Robinhood.
Online trading platform Robinhood has already completed an IPO, and more recently the company was reportedly forced to raise funds as a result of the Wall Street Bets fiasco. The 29th. In January 2021, New York Times reporters reported that Robinhood needed to establish a line of credit with six banks.
Since 2007, Etoro has nearly 20 million registered users who invest in digital currencies, stocks and other traditional markets. Shares of Fintech Acquisition Corp V jumped more than 15 percent prior to the conference call that followed Etoro’s announcement, Reuters reported.
Additionally, Betsy Cohen is a businesswoman known for her involvement in SPAC’s investments.
How about Etoro’s announcement of a $10+ billion IPO? Let us know what you think in the comments below.
Tags in this story
$10.4 billion, $650 million, acquisition, cryptocurrency exchange, cryptocurrencies, Fidelity Management & Research, Fintech Acquisition Corp V, initial public offering, IPO, merger, Robinhood, Softbank, Softbank Group, SPAC, special purpose vehicle, Wellington Management
Photo credit: Shutterstock, Pixabay, Wiki Commons
Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of a product, service or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.
is bitcoin safe,new cryptocurrency,bitcoin stock price,cryptocurrency prices,Privacy settings,How Search works