Bloomberg: RedotPay weighs a confidential US IPO filing

RedotPay is weighing a confidential filing for a US listing before the end of the year, Bloomberg reports. The Hong Kong company issues stablecoin payment cards, says it has more than 8 million users, and is talking to investors about a pre-IPO round at a valuation between $4bn and $5bn. JPMorgan Chase, Goldman Sachs and Jefferies are said to be working on the offering.

The figure that matters for a payments company is what goes through it. RedotPay puts its stablecoin card volume at $410.5m over 30 days, which is $13.7m a day and roughly $5bn a year. Divide by the user count and each account runs about $51 a month through the card.

One times volume, not revenue

Hold the valuation against that. A $4bn to $5bn price is about one times annual card volume, not revenue, and a card issuer keeps a thin slice of what it moves. Whatever the round is being priced on, it is not this year's take rate.

The comparison with the category is kinder. We counted crypto card spending at roughly $1.5bn a month in late 2025, or $18bn a year, when we looked at Visa and Mesh last week. RedotPay's $5bn annualised is about 28% of that whole category on its own, which is either a sign of real scale or a sign that the category is small. Both readings are available.

A lawsuit worth a tenth of the price

The path there has not been clean. The company explored a New York listing in February with talk of raising more than $1bn, and reports in August put the plan back on regulatory obstacles and litigation. Binance-affiliated companies sued RedotPay's founders that month for nearly $473m, alleging misuse of confidential information to build a competing payments business. RedotPay denies it and says it will defend the claims. That suit is worth roughly a tenth of the valuation being discussed.

“Continuing to work with our partners on the IPO process.”

— RedotPay, rejecting earlier reports of a delay, https://cointelegraph.com/news/redotpay-weighs-confidential-us-ipo-filing-by-year-end-bloomberg

A confidential filing is also the quietest version of this step: the paperwork goes in, the numbers stay private until the company chooses to go public with them. Compare it with Anthropic, which filed openly yesterday and had its entire income statement read by anyone who wanted to. The RedotPay IPO has no date, no size and no venue attached to it yet, and until the document becomes public the $410.5m is the only number anyone can check.

Informational material, not investment advice. The listing plan and the valuation range come from a Bloomberg report rather than from the company, no filing is public, and the per-user and annualised figures are our arithmetic on RedotPay's own volume number.