eToro has announced that it has canceled all plans to go public following a mutated agreement with top firm Fintech Acquisition Corp V. The company had an earlier agreement with the acquisition firm beforehand as it was hitting the gas on plans to go public before the end of this year. In the statement, the eToro noted that there would not be any need to pay fees associated with termination as both firms mutually agreed on the termination.
eToro CEO says its finances are healthy
According to the statement by Yoni Assia, the CEO of the trading company, although eToro planned to see the agreement to the end, it was sad to end it all. The CEO also mentioned that eToro remains committed to providing its core services, and its business is still in a good position in terms of finance. The CEO also mentioned that eToro had seen massive revenue growth in the second quarter of 2022 compared to the end of last year.
Fintech Acquisition Corp V is a company that has been in the market for a long time focusing on all things related to mergers and asset acquisitions. Although the outcome will be bad for both companies, eToro has been fighting off the harsh effects of the market decline. Some weeks ago, the firm announced cutting 100 employees due to the market conditions.
Crypto companies are on a merging spree
The amount of mergers in the crypto market has been on a massive rise over the last few years. However, analysts have noted that these incidents are synonymous with new markets as the bigger firms want to use the emerging ones to expand their valuation. One of the most notable acquisitions that has occurred recently is Silvergate’s acquisition of Diem, a stablecoin that Meta, across the last few years, has worked on.
Coinbase also announced a recent acquisition to help the company intensify its securities. Other firms in the crypto market have been on an acquiring spree in the same market, with a notable Borse Group acquisition of Finance AG after it bought a massive major stake in the company. Despite the market facing massive turmoils, these acquisitions show massive potential across the crypto market. In other news, companies have been fighting hard to limit the harsh effects of the market crash. Yesterday, Voyager Digital filed for bankruptcy, following the steps of other firms in the market.
Source: https://www.cryptopolitan.com/etoro-mutually-cancels-public-listing-plans/