Israel-based brokerage, eToro is planning for an initial public offering (IPO) next year with a valuation of $5 billion, Calcalist reported on Monday.

The broker is eyeing a listing in New York and is already in talks with Goldman Sachs for making the arrangements for the public listing, the report outlined.

Though officially not confirmed, the Israeli company is planning to end the listing by the end of the second quarter of 2021. Additionally, Etoro is considering a possible merger with a special purpose acquisition company (SPAC) to expedite the listing process.

However, eToro calls the claim a possibility of a public listed ‘rumors’.

“eToro does not comment on market rumors,” a company spokesperson told Finance Magnates.

Brokerage Business Is Booming

The report came at a time when demands for eToro’s products and services are soaring, especially with the increased retail demand since the beginning of the Coronavirus pandemic. According to the latest figures, the platform has over 15 million trades on-board.

eToro was founded in 2017 and made its name as a social trading platform, allowing traders to copy the strategies of experts. Over recent years, the company invested heavily to expand its product line and has offerings with all popular asset classes, including cryptocurrencies.

Starting with $1.7 million seed money, eToro closed five funding rounds, raising $162 million in total. The latest funding round in 2018 alone brought in $100 million with a valuation of $800 million.

Moreover, the brokerage’s valuation on the secondary market skyrocketed recently, as another report revealed that a US-based institutional investor purchased at least $50 million worth eToro shares at a $2.5 billion valuation, thus putting a unicorn status on the startup.

Furthermore, the American stock brokerage disrupter, Robinhood, is planning to go public next year with a valuation of $20 billion.