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Online crypto brokerage EToro said to terminate deal to go public through a SPAC

Online crypto brokerage EToro said to terminate deal to go public through a SPAC


Seeking Alpha
2022-06-30 23:05:10

Online crypto brokerage EToro and the SPAC that's taking it public are expected to let the deadline for their merger agreement to expire.The termination date for the $8.8 billion deal with Betsy Cohen's FinTech Acquisition Corp. V (NASDAQ:FTCV) was set to expire Thursday, according a report from The Information.FTCV had agreed in March 2021 to take stock- and cryptocurrency-trading platform eToro public via a SPAC merger, but the deal has reportedly run into regulatory problems as well as the stock market's volatility and plunge in crypto. The digital broker originally postponed the deal's completion date from the third quarter to Q4 of last year.EToro primarily competes with Coinbase (COIN) as a consumer crypto-trading platform, but also offers stock-market trading similar to that of Robinhood Markets (HOOD).Wall Street originally embraced FTCV and eToro’s planned merger, with FinTech Acquisition Corp. V shares (FTCV) rallying 42.8% on the deal’s announcement.This is another SPAC that hasn't worked out for Cohen. Cohen's SPAC FTAC Athena Acquisition (FTAAU) terminated its agreement to take financial-connectivity firm Pico public at about a $1.8B valuation in late February.


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