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Online crypto brokerage EToro and the SPAC FinTech Acquisition Corp. V (NASDAQ:FTCV) confirmed that they mutually agreed to end a planned deal that would have taken EToro public.
The parties were unable to complete the transaction by last Thursday's deadline, according to a statement.
FTCV had agreed in March 2021 to take stock- and cryptocurrency-trading platform eToro public via an $8.8 billion SPAC merger, but the deal reportedly ran into regulatory problems as well as the stock market's more recent volatility and plunge in crypto.
Tel Aviv-based EToro primarily competes with Coinbase (COIN) as a consumer crypto-trading platform, but also offers stock-market trading similar to that of Robinhood Markets (HOOD).
Wall Street originally embraced FTCV and eToro’s planned merger, with FinTech Acquisition Corp. V shares (FTCV) rallying 42.8% on the deal’s announcement.
News of the deal termination was first reported by The Information on Thursday.
This is another SPAC that hasn't worked out for Betsy Cohen. Cohen's SPAC FTAC Athena Acquisition (FTAAU) terminated its agreement to take financial-connectivity firm Pico public at about a $1.8B valuation in late February.
