The crypto-friendly trading platform eToro has confidentially filed for an initial public offering (IPO) in the US. On January 16, the Financial Times reported

Trading platform eToro has reportedly filed confidentially for a US IPO that could value the company at over $5 billion.

Crypto and retail stock trading platform eToro has confidentially filed with US regulators for an initial public offering that may value the company at more than $5 billion. Tel Aviv-based eToro submitted confidential filings to the US Securities and Exchange Commission for a US listing,

Toro confidentially files for US IPO with Goldman Sachs, seeking $5 billion valuation, despite past setbacks, aiming for wider reach.

The trading platform is seeking a $5 billion valuation and could list as soon as the second quarter of the year.

First reported today by the Financial Times, the IPO could value the business at more than $5 billion. The confidential nature of the filing — typical in the first step toward a public offering — means specific details about the IPO’s structure or the timeline are currently undisclosed.

Toro is preparing to go public in the U.S., per a report, just months after the firm settled crypto securities violations with the SEC.