HOOD - Online crypto brokerage EToro confirms terminating deal to go public through a SPAC

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 i n late February.

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