Despite the UK being its primary source of revenue, Israeli social trading platform eToro sets its sights on a US listing, aiming for a valuation exceeding $3.5 billion.

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In the latest forex broker news, it has been reported that eToro forex broker is pondering an initial public offering (IPO) in the US despite most of its business coming from the UK and Europe, which combined generated almost 70% of its revenue.

Yoni Assia, the CEO of eToro forex brokermentioned how lucrative the US stock markets were and how most UK and German retail investors favor US stocks. Nevertheless, the platform being held heavily by the European market may stand for the London exchange so that it will raise the IPO for the UK market.

However, this tendency to go with a US IPO is in line with the larger ongoing movement across Europe, where this social trading platform is seeking bigger valuations and more capital in the US market. In recent months, companies like Aspen, Marex, and Flutter either have IPOs on the New York Stock Exchange or have switched from the London Stock Exchange.

Assia is setting the timing as an expectation for the market debut at the valuation of $3.5 billion set in the last round of funding. The company is not yet sure whether it will permit its clients to participate in IPO investing the way Robinhood, Reddit, and others do it.

Reflecting on the abandoned SPAC merger that valued this no-commission broker at $10 billion, Assia sees the occurrence as a great lesson learned. Regardless of all the obstacles this multi-asset broker has overcome, they succeeded in securing a $250 million investment in March 2023 with a $3.5 billion valuation from the ION Group, the SoftBank Vision Fund 2, and several other well-known investors.