RedotPay considers confidential US IPO filing by year-end, targets $5B valuation

Securities and Exchange Commission before the close of 2026, alongside ongoing investor discussions regarding a potential pre-IPO funding round, with a potential valuation reaching as high as $5 billion.

This move comes after the Hong Kong-based payments company had previously refuted reports suggesting a postponement of its U.S. public offering. According to a report from Bloomberg dated October 26, individuals privy to the situation indicated that RedotPay is contemplating submitting its documentation confidentially to the SEC while simultaneously engaging with investors about a possible financing round preceding the IPO. The prospective capital raise could place RedotPay’s worth between $4 billion and $5 billion, though neither the timeline for the filing nor the specifics of the transaction have been finalized.

These renewed talks follow several months of regulatory groundwork and a legal dispute involving entities associated with Binance. The company’s most recent conversations suggest an intention to take a definitive regulatory action subsequent to dedicating much of 2026 to preparing for a possible debut on American stock exchanges. A confidential filing would grant the SEC the opportunity to examine preliminary offering documents prior to the company making its official registration statement publicly available.

Individuals familiar with the matter have stated that the crypto enterprise Redotpay is contemplating a confidential U.S. IPO filing by the end of the year following months of regulatory complications. Bloomberg has reported that prominent financial institutions, including JPMorgan Chase, Goldman Sachs, Jefferies, and Barclays, are involved in working on this prospective transaction, which could eventually assign RedotPay a worth of $5 billion or greater. It was noted that Barclays’ participation had not been made public previously, and the bank declined to comment on this reported involvement. The firm has not yet disclosed the intended listing venue, the share price, the size of the offering, or an anticipated trading date. Sources acquainted with the preparations advised that the projected schedule remains subject to alteration, and RedotPay did not provide comment when approached by Bloomberg.

These discussions regarding valuation follow earlier intentions for a U.S. listing reported in February, at which point the payments company was looking to secure over $1 billion at a valuation surpassing $4 billion, with JPMorgan, Goldman Sachs, and Jefferies being the involved parties then. The current renewed filing discussions arise from conflicting accounts regarding whether RedotPay had deferred its planned listing due to legal and regulatory hurdles. In August, Bloomberg conveyed that the company had put its IPO preparations on hold while addressing licensing mandates and litigation connected to Binance. RedotPay subsequently contested this characterization, asserting that its listing procedure had not been delayed and that it continued collaborating with its advisors.

In September, the company reconfirmed its readiness for an IPO after finalizing a financial audit and conducting a separate review of its protocols for anti-money laundering and counterterrorist financing. A company spokesperson had previously confirmed that RedotPay had secured a U.S. money transmitter license and was preparing to launch its products domestically; nevertheless, the spokesperson did not furnish a definite timeline for the IPO, leaving the proposed filing date unconfirmed. RedotPay's listing negotiations persist while its founders confront legal actions initiated by Binance-affiliated entities. These plaintiffs are seeking damages amounting to nearly $473 million, alleging that proprietary business intelligence assisted RedotPay in creating a rival payments service and diverting clientele. In August, Binance affiliates filed a lawsuit for $473 million, claiming that over 470,000 former Binance Card patrons switched to RedotPay. These claims pertain to the companies' prior commercial relationship, including agreements involving Binance Pay. RedotPay has refuted these assertions, maintaining that the legal action would not impede its operations. In a statement issued on August 5, the organization expressed continued confidence in its legal standing, stating it was “vigorously defending all claims.” Disparate proceedings within Singapore have led to conflicting statements from the involved parties; RedotPay had previously suggested that Binance might cease the Singapore case, whereas Binance maintained that its claims remained active following an August court hearing.

Established in 2023, RedotPay offers global transfer services, multicurrency wallets, and cryptocurrency payment cards, centering its operations around stablecoins. Its physical and virtual card offerings permit patrons to spend digital asset balances through supported payment channels. The company reportedly serves in excess of 9 million clients and maintains a global workforce of about 280 personnel. According to sources cited by Bloomberg, its yearly revenue surpassed $180 million after achieving a run rate of $100 million within 18 months of its launch. Revenue for the initial nine months of 2026 reportedly demonstrated an increase exceeding 50% when compared to the equivalent period in the preceding year, while its operating profit margin stood above 50%. These financial figures are attributed to individuals familiar with the enterprise, as RedotPay has not released audited financial statements substantiating these outcomes. In 2025, RedotPay secured $194 million through various financing rounds, including a Series B investment of $107 million; the firm had previously named Goodwater Capital, Pantera Capital, and Blockchain Capital among the investors supporting that funding.

The ongoing regulatory navigation and legal challenges underscore the evolving complexity of operating decentralized finance infrastructure within established jurisdictional frameworks. The pursuit of a formal listing by institutional players suggests a growing maturity and institutional appetite for regulated exposure to digital asset payment rails.

Why it matters

This development signals a major institutional push for regulated market access for a significant stablecoin player. The company's IPO timeline, alongside ongoing litigation, will be key to understanding the regulatory hurdles facing high-growth DeFi-adjacent firms. Investors should watch how this process interacts with evolving SEC scrutiny on digital asset issuers.