Stock Trading Platform eToro Agrees to a $120 Million Share Sale at Discounted Valuation

Stock trading platform eToro agreed to a $120 million secondary share sale, giving the company a slightly lower valuation than the $3.5 billion it was valued at in a primary funding round earlier this year.

The Israeli digital brokerage, which offers users trading in stocks, crypto, and contracts for difference, gave early employees and angel investors a chance to sell shares to some of eToro’s existing investors, according to a memo to employees obtained by CNBC.

The round is a secondary share sale, meaning the company hasn’t issued any new shares and won’t net any income from the transaction. However, it’s an indicator of the price investors are currently willing to pay to own shares of the firm.

Read the source article at CNBC