RedotPay Targets a $4 Billion to $5 Billion Valuation as It Eyes a U.S. Crypto IPO

Hong Kong-based RedotPay is considering a confidential initial public offering in the United States by the end of 2026, even as it works through regulatory troubles and talks to investors about a pre-IPO round. For PSPs and issuing partners, the bigger point is that card-based crypto spend is still being packaged for mainstream rails, with stablecoins doing much of the heavy lifting.

1. Bloomberg reported Monday, Oct. 26, that RedotPay may file for a confidential U.S. IPO by year-end. The company is also discussing a pre-IPO funding round that would value it at between $4 billion and $5 billion.
2. RedotPay offers physical and virtual cards for crypto transactions, with services aimed at users who want to spend digital assets on real-world purchases such as paying bills. The report said much of the business is concentrated on stablecoins.
3. The company says it has over 9 million customers and 280 employees worldwide. Its annualized run-rate revenue, which reached $100 million within 18 months of launching in 2023, has since surpassed $180 million, according to the report.
4. Revenue for the first three quarters of 2026 rose more than 50% versus the same period last year, and operating profit margin climbed to more than 50%, the report said. In February, PYMNTS reported that RedotPay was weighing a U.S. IPO that could raise more than $1 billion.
5. The timing matters because card acceptance for crypto and stablecoins still runs into the same friction points everyone in this market knows: acceptance, trust, and uneven payment experiences. PYMNTS Intelligence found in July that more than three-quarters of consumers would open a crypto or stablecoin wallet if they could do it through an existing banking or FinTech app.

For providers building around high-risk and crypto flows, the signal is straightforward: the market is still rewarding companies that can make digital assets spendable through familiar payment instruments, not by asking consumers to learn a new stack from scratch.