Hong Kong-based stablecoin payments company RedotPay is said to be restarting efforts toward a U.S. initial public offering, with a confidential regulatory submission potentially due before the close of 2026 and an estimated valuation reaching as high as $5 billion. A prospective pre-IPO financing event might assign the firm a worth between $4 billion and $5 billion.
Financial institutions including JPMorgan, Goldman Sachs, Jefferies and Barclays are allegedly providing counsel on the planned listing. RedotPay's move toward an IPO proceeds alongside a $473 million legal conflict involving Binance affiliates. Per an October 26 Bloomberg account referencing sources acquainted with the situation, the firm is contemplating privately delivering its documents to the U.S. Securities and Exchange Commission while maintaining talks with investors regarding a possible pre-IPO financing round.
Confidential Filing Under Consideration
While neither the deal specifics nor the schedule for submission have been locked in, potential capital raising might assign RedotPay a worth ranging from $4 billion to $5 billion. These talks come after extensive regulatory work and a legal conflict with entities linked to Binance.
Following significant preparation throughout 2026, RedotPay appears ready to take a definitive regulatory action toward an American listing. Submitting documents privately would enable the SEC to examine draft materials prior to any public release of the registration statement.
Individuals aware of the situation indicate that RedotPay, a cryptocurrency business, is contemplating a private US initial public offering before the close of the year following extensive regulatory negotiations. Bloomberg reported that JPMorgan Chase, Goldman Sachs, Jefferies and Barclays are engaged in the proposed deal, potentially assigning RedotPay a valuation of $5 billion or higher. Barclays' participation was not previously revealed, and the institution refused to address its alleged involvement.
No listing location, stock price, amount of shares being sold, or anticipated trading start date has been declared by the firm. Those with knowledge of the preparations warned that the timeline might shift, and RedotPay offered no reply to inquiries from Bloomberg.
Recent estimates regarding the firm's worth build upon earlier intentions for a domestic securities registration announced in February. During that period, the entity contemplated securing over $1 billion at a price tag surpassing $4 billion. The initial deal structure included participation from JPMorgan, Goldman Sachs, and Jefferies.
New talks about filing for registration come after mixed stories emerged regarding delays to the planned public debut due to legal and regulatory hurdles. Bloomberg noted in August that RedotPay pushed back its IPO work while it handled licensing needs and lawsuits connected to Binance.
RedotPay disputed the earlier assessment, asserting that its registration timeline remained active and that collaboration with advisors persisted. By September, the firm validated its readiness for a public offering following the conclusion of an independent financial audit alongside a distinct examination of its systems designed to prevent money laundering and counter terrorism financing.
An official representative noted earlier that RedotPay secured authorization as a U.S. money transmitter and was getting ready to launch services within the nation. Despite this confirmation, no specific schedule for the initial public offering was given, meaning the intended submission date remains unclear.
While RedotPay moves forward with potential public market entry, its leadership team contends with litigation initiated by entities linked to Binance. The legal action requests approximately $473 million in compensation, asserting that proprietary data enabled the creation of a rival payment platform and the redirection of user bases. This suit, lodged in August by Binance-related parties, notes that over 470,000 individuals holding former Binance Cards transitioned to RedotPay. The dispute addresses past business dealings between the firms, specifically those connected to Binance Pay.
RedotPay rejected the accusations and asserted that ongoing legal battles would not interfere with its business activities. According to a statement released on August 5, the organization expressed confidence in its legal standing and stated it was 'vigorously defending all claims.' Distinct legal actions in Singapore have produced contradictory remarks from the involved parties; RedotPay had earlier suggested Binance might drop the Singapore matter, whereas Binance insisted its claims were still active after an August court session.
Potential Pre-IPO Funding Round
Established in 2023, RedotPay delivers cryptocurrency payment cards, multicurrency wallets, and international transfer capabilities, relying heavily on stablecoins for its core functions. Through both physical and virtual card options, the firm allows users to utilize digital asset balances at supported merchants. Bloomberg sources indicate that the business now supports over 9 million clients while maintaining a workforce of roughly 280 individuals globally. The organization's yearly revenue exceeded $180 million following an 18-month period since inception during which it hit a $100 million run rate.
Revenue for the first nine months of 2026 reportedly increased by more than 50% compared to the same period in the prior year, while the operating profit margin exceeded 50%. These financial figures are attributed to individuals familiar with the business because RedotPay has not released audited statements confirming those results. In financing rounds conducted in 2025, RedotPay raised $194 million, which included a $107 million Series B investment supported by investors such as Goodwater Capital, Pantera Capital, and Blockchain Capital.