Israeli social trading platform eToro is exploring options for a public market listing, aiming for a valuation of over $3.5 billion. CEO Yoni Assia stated that the company is considering a listing in New York or London, with a U.S. listing offering access to a broader range of investors.

The potential IPO comes after eToro terminated its merger deal with a special-purpose acquisition company (SPAC) in 2022, canceling its previous plans to go public. Despite this setback, eToro remains profitable, reporting stable revenue of $630 million in 2023, similar to its 2022 figures, and strong EBITDA exceeding $100 million.

eToro’s user base has continued to grow, with 35.5 million registered users and over 3 million funded accounts. The company has been expanding its services, recently acquiring Deep, a firm specializing in content automation, to integrate artificial intelligence (AI) into its operations. AI plays a significant role in eToro’s marketing strategies and investment services.

Assia expressed optimism about the financial technology sector’s recovery in 2024, anticipating improved market conditions. Despite the challenges faced, including the abandonment of its SPAC merger and a valuation adjustment to $2.5 billion, eToro remains focused on its long-term vision of becoming a publicly traded company.

The company’s decision to explore a public listing reflects its confidence in its business model and growth potential, as well as its commitment to providing innovative trading and investment services to its users.