Cryptocurrency-friendly trading platform eToro has filed for an initial public offering (IPO) in the United States following several previous attempts.

The company said in a March 24 announcement that it had submitted a registration statement on Form F-1 with the US Securities and Exchange Commission related to the IPO of its Class A common shares.

EToro has applied to list its Class A common shares on the Nasdaq Global Select Market under the ticker symbol “ETOR,” according to the announcement, which stated:

“A registration statement on Form F-1 relating to these securities has been filed with the SEC but has not yet become effective.”

The public filing comes over two months after eToro made confidential filings to the SEC in a move toward a potential IPO in New York, the Financial Times reported on Jan. 16.

Submitted in January, eToro’s IPO filing may value the business at more than $5 billion and list the platform as soon as the second quarter of 2025, the report noted, citing unidentified sources familiar with the matter.

Trading platforms such as eToro are often used by beginning investors looking to buy their first stock shares or cryptocurrency, thanks to their ease of use.

EToro’s IPO received attention from some of the world’s most notable investment banks, including Goldman Sachs, Jefferies, UBS and Citigroup, as lead managing bookmakers.

Related: Friday’s PCE inflation report may catalyze a Bitcoin April rally

EToro tried to go public in 2021 via SPAC offering

The crypto-friendly trading platform had multiple previous attempts to go public on the US stock exchange.

In 2021, eToro announced plans to go public via a merger with Fintech Acquisition Corp V, a special purpose acquisition company, valuing the company at $10.4 billion. However, the deal was terminated in mid-2022 due to unfavorable market conditions.

Related: Friday’s US inflation report may catalyze a Bitcoin April rally

Although the United Kingdom remains its largest market, eToro is pursuing a US listing to tap into a broader investor base.

“Very few of our global clients would trade UK shares,” eToro founder and CEO Yoni Assia reportedly said last year. He added:

“Something in the US market creates a pool of both deep liquidity and deep awareness for those assets that are trading in the US.”

In 2023, eToro raised $250 million in a funding round that valued the brokerage at $3.5 billion. The business may now be valued at more than $5 billion in its upcoming IPO, said one of the people familiar with the flotation plans.

According to Forbes, eToro was one of the first regulated trading platforms in Europe to offer Bitcoin (BTC) services in 2013, just a few years after the first BTC transaction was made in January 2009.

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