Trading platform eToro has agreed to a $120 million secondary stock sale with the company's valuation slightly below the $3.5 billion reached in a previous financing round. Early employees and angel investors were given the opportunity to sell shares to existing investors, with eToro not receiving any net proceeds.
CNBC reported that trading platform eToro has agreed to a secondary stock sale totaling $120 million. The sale puts the company's valuation slightly below the $3.5 billion valuation achieved during a financing round earlier this year.
The secondary sale allowed early employees and angel investors to sell their shares to some of eToro's existing investors, according to a memo cited by the CNBC report. As this was a secondary stock sale, eToro did not issue any new shares and will not receive any net proceeds from the transaction.
The agreement illustrates the ongoing interest in the rapidly growing platform and highlights eToro's commitment to offering liquidity options to its early backers and employees. The company continues to be a strong player in the trading platform sector as it navigates an increasingly competitive and evolving market landscape.