Israeli social trading-focused broker eToro is considering an initial public offering (IPO) in New York or London, CEO Yoni Assia told the Financial Times.

The brokerage claims a valuation of more than 3.5 billion, and although it operates more in the UK than the US, it may favor a listing in New York due to the high liquidity of the US market. However, eToro has not ruled out London as a potential market for an IPO.

It is worth noting that broker eToro has already sought to go public in 2021 through a merger with FinTech Acquisition Corp., a SPAC company. The merger was initially valued at $10.4 billion but was later reduced to $8.8 billion. However, the deal did not go through and was scrapped in 2022.

After a failed attempt to become a public company through a merger, eToro raised $250 million in 2023 from a number of investors, including ION Group and SoftBank Vision Fund 2.

The eToro CEO's plan to take the company public is based on favorable market conditions that are at their peak.

Despite Yoni Assia's statement, the broker did not reveal any details about the possible IPO.

Founded in 2007, eToro has around 3 million user accounts. It has about $11.3 billion in client assets under management. The broker is licensed by CySEC and FCA.