Brokerage group eToro has apparently filed to go public in the US, the Financial Times reported on Friday morning.

The company has been trying to list for years now, with its most recent attempt to list via a merger with a special purpose acquisition company (‘SPAC‘) falling through in 2021.

That merger would have valued the company at $10.4bn and allowed shareholders to cash out.

However, that deal ended up not going through after rates started going up and the bull market of the pandemic came to a close. The company then raised $250m in 2023 at a $3.5bn valuation.

Citing sources familiar with the possible listing, the FT said eToro is looking for a valuation today in excess of $5bn.

The company had made some noise about listing in London but that now seems unlikely to happen.

The likelihood is that the founders think they’ll get a higher valuation and will be able to cash out for more as a result by listing in the US.