FX week in review: Webull IPO (eToro too?), Public.com exits UK, Prop firm tattoos, Drew Niv returns

At what valuation is Robinhood competitor Webull trying to go public on NASDAQ, using the SPAC merger route?

What are eToro’s new plans for an IPO? At what valuation might eToro be looking at this time around?

Why is US app based broker Public.com abandoning its attempt to expand in the UK?

Which prop trading firm offered rewards in the form of free Challenges for people who got a tattoo of the company logo?

How is FCA regulated liquidity and broker white label solutions provider BidX Markets rebranding?

In what role, and with which broker, did former FXCM CEO Drew Niv now return to the Retail FX and CFDs sector?

Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:

Webull Corporation plans Nasdaq listing through combination with SK Growth. Webull Corporation, a digital investment platform, and SK Growth Opportunities Corporation (NASDAQ:SKGR), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive business combination agreement. The Proposed Transaction values the combined company at an implied pro forma enterprise value of approximately $7.3 billion. Webull launched in the United States in 2018 and has since expanded to Asia Pacific, Europe and Latin America.

eToro eyes IPO as 2023 Revenues stabilize at $630 million. Israel based Retail FX and CFDs broker eToro is apparently looking at another attempt to go public in 2024, after its previous IPO attempt (via a SPAC merger) was pulled in mid 2022. CNBC stated that it was shown figures by eToro indicating that eToro brought in Revenues of $630 million in 2023, just a shade below the $631 million in Revenue eToro earlier stated it saw in 2022.

App based broker Public.com leaving UK online trading market. US app based online trading broker Public.com is ending its attempts to expand in the UK market. Although the company has not made a formal announcement on the matter, London news site City A.M. is reporting that Public.com has sent an email to its registered UK users (seen by City A.M.) that the company is suspending operations in the UK as of May 3, 2024. All UK accounts at Public.com will apparently be closed after April 2024.

Prop firm offers incentives for traders to get tattoo of company logo. For those of you in the Retail FX and CFDs sector who want to get a better understanding of the prop trading mania which has swept up many of the young generation of online traders – becoming an increasing source of introduced business to the CFD brokers – here is a great example. (Also, an example of perhaps why MetaQuotes has decided to distance itself from prop firm initiated business!)

Exclusive: BidX Markets rebranding as Multi Asset Solutions. FNG Exclusive… FNG has learned that London based, FCA regulated liquidity and white label broker solutions provider BidX Markets is rebranding, as Multi Asset Solutions. The company has already changed its formal corporate name from BidX Markets Limited to Multi Asset Solutions Limited, effective as of February 28, 2024. We believe that BidX / Multi Asset Solutions will make a formal announcement and unveil the new brand in the coming days.

Admirals Group sees Revenues down 41%, €10M loss in 2023. Estonia based Retail FX and CFDs broker Admirals Group AS has released its preliminary (unaudited) results for 2023, with the company continuing a downward trend in Revenues in the second half of the year. After Admirals saw its Revenues collapse 51% in 1H-2023, the company reported another but more mild decrease of 6% in 2H-2023. Admirals’ second-half 2023 Revenues came in at €19.9 million versus €21.1 million in the first six months of the year. For the full year 2023 Admirals posted Revenues of €40.9 million, down by a whopping 41% from 2022’s €69.0 million.