eToro, the widely recognized trading platform that offers a mix of stocks and cryptocurrencies, is gearing up for an Initial Public Offering (IPO) on the New York Stock Exchange (NYSE), according to a Financial Times report. The platform, which aims to go public as soon as the second quarter, is targeting a valuation of $5 billion, based on filings with the U.S. Securities and Exchange Commission (SEC).

Leading financial institutions Goldman Sachs, Jefferies, and UBS are providing advisory services for the company’s IPO efforts.

If successful, eToro would join the ranks of publicly traded companies like Coinbase (COIN) and Robinhood (HOOD), though its market cap would be considerably smaller in comparison. Currently, Coinbase has a valuation of $69 billion, while Robinhood’s market cap stands at $40 billion.

This $5 billion valuation is a significant reduction from the $10.4 billion target eToro aimed for in 2021, when it pursued a merger with a special purpose acquisition company (SPAC). That deal was eventually scrapped in late 2022 due to unfavorable market conditions.

In 2023, eToro raised $250 million in funding, bringing its valuation down to $3.5 billion, with investors such as SoftBank participating. However, with a market rally in cryptocurrencies and equities, eToro’s valuation has rebounded, though it still faced regulatory hurdles. The company settled with the SEC, agreeing to pay $1.5 million to resolve claims that it had operated as an unregistered broker and clearing agency and facilitated trades of some crypto assets as securities.

While eToro’s exact cryptocurrency trading volume remains undisclosed, Finance Magnates reported that its crypto trading volumes surged by more than 500% for the year ending in November 2023.

Founded in Israel in 2007, eToro now manages $11.3 billion across 3 million customers, with offerings spanning cryptocurrencies, stocks, and exchange-traded funds (ETFs). However, after settling with the SEC, eToro limited its U.S. customers to trading only Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH).

The company has yet to provide further details on the IPO.