eToro Said To Abandon SPAC Merger

Retail stock and cryptocurrency brokerage platform eToro is reportedly not going ahead with its planned blank-check merger.

What Happened: The Information reported (via The Block Crypto) that the company has halted plans to merge with a Betsy Cohen-backed special purpose acquisition (SPAC) firm FinTech Acquisition Corp. V (NASDAQ: FTCV).

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The deal was first announced in March 2021 and gave eToro an implied valuation of $10.4 billion. After facing setbacks with SEC approval in December, the merger was postponed to June 2022 with a revised valuation of $8.8 billion.

As per the report, a spokesperson said the company would be sharing an update on the deal in the coming days.

As of 2020, eToro’s assets were split as 44% in equities, 32% in commodities, 16% in cryptocurrencies, and 8% in currencies. The firm has offered Bitcoin (CRYPTO: BTC) trading on its platform since 2013. It has since added support for Ethereum (CRYPTO: ETH), Polygon (CRYPTO: MATIC), and a range of other crypto assets.

See Also: eToro Hones In On $1B Funding As SPAC Plans Setback