Hong Kong-based RedotPay, which provides physical and virtual cards for cryptocurrency transactions, is reportedly weighing a confidential submission for a US initial public offering (IPO) before the end of 2026, according to a Bloomberg report citing people familiar with the matter. The move follows months of deliberation and efforts to address regulatory issues. In parallel, the company is still in discussions with investors over a potential pre-IPO funding round that would value it at between USD 4 billion and USD 5 billion.
According to the sources, deliberations remain fluid, and the timing of the filing could change. RedotPay did not respond to Bloomberg’s requests for comment.
How a confidential filing works
Under this route, companies submit IPO documentation to the US Securities and Exchange Commission (SEC) on a confidential basis, which allows them to receive feedback from the regulator before the paperwork is made public.
For RedotPay, the approach would follow an earlier setback. In August 2026, it was reported that the company’s US listing plans had been delayed by regulatory and legal issues. People familiar with the matter said RedotPay has since been working to resolve those issues ahead of the IPO. The company has separately stated that it received a clean independent financial audit from a Big Four firm.
Business model and financial performance
Founded in 2023, RedotPay offers crypto-related services for individuals who hold digital assets and want to use them for everyday spending, such as buying goods or paying bills. A large share of its business centres on stablecoins, tokens that typically track fiat currencies such as the US dollar. Its card products link crypto holdings to conventional payment use cases.
RedotPay has more than nine million customers and 280 employees globally, according to one of the people cited. Its annualised run-rate revenue reached USD 100 million within 18 months of launch and has since risen to more than USD 180 million. Revenue for the first three quarters of 2026 grew by more than 50% year on year, while the operating profit margin rose to more than 50%, the sources said. These figures form the backdrop to the valuation levels under discussion with investors and underwriters.
RedotPay is working with JPMorgan Chase, Goldman Sachs, Jefferies, and Barclays on an IPO at a valuation of at least USD 5 billion, according to the announcement. Barclays’ involvement had not previously been reported, and a spokesperson for the bank declined to comment.
If it proceeds, the confidential filing would allow RedotPay to receive SEC feedback on its disclosures, including how it has addressed the regulatory and legal matters behind the earlier delay, before committing to a public timetable.
