Hong Kong crypto unicorn RedotPlay plans US IPO, sources say
RedotPlay, a Hong Kong-based cryptocurrency payment unicorn, plans a confidential US listing by end-2026 and is in pre-IPO funding talks at a valuation of US$4-5 billion. Bloomberg reports the company recorded US$180 million in annualized revenue so far and is in discussions with major banks for its
Hong Kong unicorn and cryptocurrency payment company RedotPlay plans to file a confidential US listing by the end of this year and is in talks with investors for a pre-IPO funding round at a valuation of US$4 billion (HK$31.2 billion) to US$5 billion, Bloomberg reported.
Operating with around 280 employees, the company recorded US$100 million of annualized revenue in the first 18 months of establishment, and the figure has reached US$180 million so far. In the first three months of this year, RedotPlay’s revenue and operating profit margin rose about 50 per cent year on year.
The company is currently in talks with J.P. Morgan, Goldman Sachs, Jefferies, and Barclays about its IPO, according to the report. According to RedotPlay’s official website, the company was established in 2023 and is headquartered in Central. The company is Hong Kong’s first crypto credit card project and operates in more than 100 countries worldwide, with over 9 million users and a payment volume of about US$12 billion.
Its investors include Sequoia Capital, Coinbase's venture capital arm, and Vertex Ventures, a wholly-owned subsidiary of Temasek, among others. Its partners include Alibaba Cloud, AWS, LSEG, and Ripple.
RedotPlay completed a Series B funding round raising about US$100 million in December last year, bringing its total funding in 2025 to US$194 million. The proceeds will be allocated to strategic acquisitions aimed at strengthening its products and infrastructure.