This Week in Review: eToro Files for IPO, Prop Traders Want Regulation, and More

eToro Files for IPO

This week’s top stories include eToro's filing with the US Securities and Exchange Commission (SEC) for a planned initial public offering (IPO). The IPO is expected to occur once the SEC completes its review of the Registration Statement, which is subject to market conditions and other factors. However, eToro has not set a definitive timeline for when the offering will take place.

This is not eToro’s first attempt to go public. In 2021, the platform planned a $10.4 billion SPAC merger but abandoned the effort due to challenging market conditions. In 2023, eToro raised $250 million at a $3.5 billion valuation, signaling a rebound fuelled by rising equity and cryptocurrency markets.

'We definitely are eyeing the public markets': eToro CEO considers IPO after scrapped SPAC deal https://t.co/c5UFrZQpLQ

— CNBC (@CNBC) February 26, 2024

Saxo Australia Was Sold to a South African Technology Provider

In Australia, Saxo Australia, the country's division of Saxo Bank, changed ownership, as Johannesburg-headquartered DMA acquired a majority stake in it. Announced today (Monday), DMA, a technology provider to financial advisers and wealth managers, will acquire 80.1% of the Australian business, while Denmark’s Saxo Bank will retain 19.9%.

The acquisition came when Saxo Bank itself was looking for potential buyers after a failed attempt to take the company public. The Danish company reportedly received bids from multiple parties but has not confirmed anything yet. The two companies are expected to close the transaction in the second half of 2025, although the financial terms remain unknown.

Capital.com Partnered With LSEG

Still, with the forex and CFD space, the online trading platform Capital.com expanded its partnership with the London Stock Exchange Group to integrate market data and AI-powered analytics services, the companies announced this week. The latest collaboration comes at a time when the broker is reporting a significant increase in trading volumes, particularly in the MENA region.

The agreement will provide Capital.com's users access to LSEG's real-time news feeds, market data, and sentiment analysis tools. The trading platform, which reportedly handles approximately $147 billion in monthly trading volume, will incorporate these features across its existing infrastructure, serving more than 750,000 global traders.

Prop Firm MyFundedFX Rebranded

In the volatile prop trading space, MyFundedFX rebranded as Seacrest Funded. The new name aligns the prop platform with the newly launched forex and contracts for difference (CFD) broker Seacrest Markets, the company mentioned. However, the prop brand is keeping MyFunded Futures intact, offering prop trading services with futures instruments, at least for now.

The latest rebranding indicates the prop firm’s push to align its branding as a broker-backed prop platform. Interestingly, a survey by PipFarm, another prop brand, showed that about 60% of traders trust broker-backed prop trading platforms.

At the same time, Sway Markets, a contract for difference (CFD) broker, is suspending its operations. The company, which has been online since 2021, has “cleaned” all its social media accounts; its website is inaccessible, and its X (formerly Twitter) profile displays “sold.” However, the operations of Sway Funded, a prop trading firm launched less than a year ago under the company's ownership, remain unaffected.

According to the latest PipFarm survey, exclusively seen by Finance Magnates, the recent shifts in the prop trading market last year were driven in part by MetaQuotes. Nearly 70% of all respondents stated that prop firms should be regulated, while only 15% considered it a bad idea. The remaining ones had no opinion on the matter.

CySEC Tightens Oversight

The Cyprus Securities and Exchange Commission (SEC) 's top priorities in 2025 are the impact of artificial intelligence (AI) and the Market in Crypto-Assets Regulation (MiCA) on the financial market. With AI reshaping financial markets and the growing influence of online financial promoters (influencers), CySEC is now setting stricter compliance expectations.

“Supervisory Priorities for 2025 provide guidance for Regulated Entities as to the increasing measures they are expected to take in order to comply with evolving regulation as well as the need to address emerging market risks, such as the widespread adoption of AI and the rise of online promotion of financial product by fin-fluencers,” CySEC Chairman, Dr George Theocharides said.

Δελτίο Τύπου – Οι Εποπτικές Προτεραιότητες της ΕΚΚ για το 2025https://t.co/PMaXxhqK7R

Press Release – CySEC launches Supervisory Priorities for 2025https://t.co/AvzmYZiYgW

— CySEC - Cyprus Securities and Exchange Commission (@CySEC_official) February 12, 2025

Gunman Opens Fire at Limassol Investment Firm: Report

Elsewhere, a quiet night in Limassol turned into a crime scene when a masked gunman fired seven shots at the offices of an investment company in the Ayios Andreas area, CyprusMail and several other local media houses reported. The attack, which took place just after midnight, reportedly shattered a glass window while employees were inside.

Authorities are now on the hunt for the perpetrator, who escaped on a motorcycle. The Limassol police were alerted to the incident at approximately 1:00 a.m. According to the report, witnesses reported that a person dressed in dark clothing and wearing a helmet fired multiple rounds before fleeing the scene.

FXStreet Launched New Trading Institute

"The initial idea was to launch a university to create a four-year Bachelor's degree program, but that would be very hard," Francesc Riverola, the Chairman of International Trading Institute, President and Founder of FXStreet, told Finance Magnates after launching the International Trading Institute.

The institute plans to offer traders a Master’s degree. Although it currently only offers online classes, its ultimate goal is to launch "in-person classes and a four-year Bachelor's degree program."

Revolut Eyes Spain, Europe

Elsewhere, Revolut targeted Spain and Europe with new installment payment options and ambitious European expansions. Revolut, the digital banking powerhouse, has unveiled an installment payment option for its credit customers in Spain, Ireland, and Poland.

This feature allows users to split purchases over €50 into fixed installments, offering lower interest rates than traditional 'revolving' credit cards. The system also allows the customer to decide whether to pay in installments at the end of the month, generating higher interest rates.

Gemini to Offer Crypto Perpetuals

Lastly, in the crypto space, cryptocurrency exchange Gemini, which recently selected Malta as its European hub, received in-principle approval for an Investment firm license from the Malta Financial Services Authority (MFSA).

Once the license is approved, the exchange can offer regulated options and futures, including contracts for difference (CFD) instruments, throughout the European Economic Area (EEA) under the Markets in Financial Instruments Directive (MiFID II).

The other company reaping big from crypto is Robinhood. Its shares jumped by 15.3% after hours on Thursday this week after it posted revenue of $1.01 billion, compared to a consensus estimate of $849.06 million. Its earnings per share at $1.01 were also significantly higher than the expectation of $0.32. The firm has expanded its services in the United Kingdom with options trading.