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Cryptocurrency and Stock Trading Platform Etoro Aims to Go Public Through a $10.4 Billion SPAC Deal

The online cryptocurrency and stock brokerage platform Etoro has announced the company is going public via a deal with a special purpose acquisition company called Fintech Acquisition Corp V. The Etoro merger is a $10.4 billion deal, backed by the banking entrepreneur and Fintech Acquisition Corp V chair Betsy Cohen.

The merger was invoked by a firm called Fintech Acquisition Corp V, and investments also stem from the Japanese company Softbank and the finance manager’s Vision Fund 2.

In addition to the merger with Fintech Acquisition Corp V, an acquisition business, the firms Fidelity Management & Research, and Wellington Management also added a $650 million common share private placement.

The recent announcement from Etoro, follows Coinbase’s attempt to go public this year and Kraken’s CEO Jesse Powell also disclosed his exchange is considering an initial public offering next year. The mining firm Northern Data AG is reportedly planning to go public as well with an estimated $500 Million IPO.