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

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 popular cryptocurrency trading platform and stock brokerage service, Etoro, has plans to go public with a $10.4 billion merger. The merger was invoked by a firm called Fintech Acquisition Corp V, and investments also stem from the Japanese company Softbank and the finance managers Vision Fund 2.

The deal is a special purpose acquisition (SPAC) as it leverages the proceeds from an initial public offering (IPO) to take private firms to the public venue.

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 Coinbases attempt to go public this year and Krakens 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.

Because Etoro offers a stock brokerage service combined with options to trade cryptocurrencies, the firm is a competitor of Robinhood.

The online trading platform Robinhood has already held an IPO and more recently, the firm reportedly had to raise funds over the Wall Street Bets fiasco. On January 29, 2021, New York Times reporters detailed that Robinhood had to draw a line of credit from six banks.

Since 2007, Etoro has gathered roughly 20 million registered users who invest in digital currencies, stocks, and other traditional markets. According to Reuters, after the Etoro announcement Fintech Acquisition Corp Vs shares jumped more than 15% before the bell.

Additionally, Betsy Cohen is a well known businesswoman that has been known for participating in SPAC investments.

What do you think about Etoro announcing the company will go public via a merger worth over $10 billion. Let us know what you think about this subject in the comments section below.

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