eToro to terminate $10B SPAC merger in mutual agreement with acquisition firm

2022.07.06 14:01

On Tuesday, special purpose acquisition company (SPAC) FinTech Acquisition Corp. V announced that it terminated its purposed takeover of Israeli cryptocurrency exchange eToro via a bilateral agreement. In explaining the decision, Fintech V chairman of FinTech V Betsy Cohen said:

Last year, eToro and Fintech V announced the SPAC takeover valuing the former at $10 billion. However, it appears that eToro has run into difficulties, possibly due to the ongoing cryptocurrency bear market, and is in need of a capital infusion to enhance its operations. eToro is reportedly considering a private funding round of $800 million to $1 billion, valuing the firm at $5 billion.

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