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PayPay, holding a 40% stake in Binance Japan, is pursuing a Nasdaq IPO aiming to raise up to $1.1 billion
The IPO targets a valuation exceeding $10 billion for the Japanese payments firm
PayPay's partnership with Binance Japan aims to integrate crypto with its cashless payment services
The IPO listing was postponed due to global market volatility following geopolitical events.
Deep Dive
The SoftBank-backed payments firm, which holds a 40% stake in Binance Japan, is preparing for a U.S. initial public offering.
PayPay, a prominent payments company backed by SoftBank Corp., is planning to raise up to $1.1 billion through a U.S. initial public offering on the Nasdaq. The company and a selling shareholder intend to offer 55 million American depositary shares, with an expected price range of $17 to $20 per share. This pricing could value PayPay at over $10 billion at the higher end of the range.
The shares are slated to trade under the ticker symbol "PAYP." The IPO was initially scheduled to launch before Monday's market opening but was reportedly postponed due to global market volatility following recent geopolitical events.
PayPay is recognized as Japan's largest cashless payments provider, boasting over 70 million registered users. Its mobile application facilitates various financial services for consumers, including in-store mobile payments, money transfers, and digital balance management, reflecting Japan's ongoing transition away from cash-based transactions.
In October, PayPay expanded its reach into the cryptocurrency sector through a strategic alliance with Binance Japan. This partnership aims to integrate digital payments with cryptocurrency services, enabling Binance Japan users to fund purchases and withdraw proceeds using PayPay Money. A representative for Binance did not immediately respond to a request for comment.
The planned IPO occurs at a time when fintech companies are assessing investor interest in new listings amidst fluctuating equity markets and heightened geopolitical risks. A successful listing would represent one of the more significant IPOs by a Japanese company in the U.S. in recent years and would bolster SoftBank's portfolio of digital finance assets.
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US Senate Banking Committee includes provision banning Fed CBDC issuance until 2031. Bipartisan "21st Century ROAD to Housing Act" aims to boost housing supply. White House supports the bill and explicitly backs the CBDC provision. Ban includes exceptions for private dollar-denominated currencies preserving privacy.
Core Scientific reported Q4 revenue of $79.8 million, missing estimates of $122.08 million. The company posted a Q4 loss of $0.42 per share, wider than the expected $0.08 loss. Core Scientific is expanding its colocation platform and AI-focused infrastructure services. Riot Platforms reported Q4 revenue of $647.4 million, significantly exceeding estimates.
Banking lobbyists have stalled the U.S. Senate's Digital Asset Market Clarity Act by arguing stablecoin rewards threaten traditional lending. The OCC's interpretation of the GENIUS Act adds complexity, leaving the crypto industry at a crossroads regarding concessions on rewards versus the potential loss of the Clarity Act.
Nasdaq has filed a proposal with the SEC to list binary options on the Nasdaq-100 index, allowing for yes-or-no bets on market direction. This move mirrors the growing trend of prediction markets entering regulated financial spaces, with Cboe and crypto exchanges like Coinbase and Gemini also expanding in this area.
Bitcoin has surged above $68,000, outperforming muted stock market reactions to geopolitical events. Strategy continues its accumulation, purchasing over $200 million in BTC last week, increasing its total holdings to 720,737 BTC.
OpenAI secured a Pentagon deal for AI deployment in classified environments. Contract language allows "all lawful purposes," raising concerns about AI use in surveillance and weapons. Public backlash led to a surge in Anthropic's Claude app downloads, surpassing ChatGPT. A philosophical difference exists between OpenAI and Anthropic regarding contract safeguards versus technical and legal frameworks.
Nexo has reentered the US market with a new partner-led model, shifting from direct yield issuance to operating through licensed US intermediaries and Bakkt. This structural change aims to comply with post-2023 regulatory scrutiny on unregistered securities and yield products.
Hong Kong and Shanghai authorities are testing a blockchain platform for cargo trade data and finance under Project Ensemble. This initiative aims to streamline trade finance and documentation by digitizing electronic bills of lading and interlinking trade data. The collaboration highlights a growing trend of leveraging blockchain for cross-border trade efficiencies.
Macroeconomist Henrik Zeberg forecasts Bitcoin to reach $110,000-$120,000 by March 2026, driven by a risk-on macro environment, sustained ETF inflows, and institutional adoption. He assigns a 25% probability to an overshoot towards $140,000-$150,000. The outlook also includes bullish targets for ETH ($10k-$12k) and SOL ($350-$500).
ONGC shares saw a significant surge following US-Israel strikes on Iran, which heightened fears of oil supply disruptions. The conflict has pushed crude prices higher, impacting India's import bill and creating volatility across oil-sensitive sectors. Analysts note potential support for upstream energy and defense stocks.
US Senate advances housing bill including a provision to ban central bank digital currency (CBDC) issuance until end of 2030. White House formally backs the bill, indicating President Trump would sign it if it reaches his desk. The CBDC ban is embedded within a broader housing package, a strategic move by House conservatives. Federal Reserve has previously stated any US CBDC would require explicit congressional approval and remains exploratory.
Iranian crypto outflows surged over 700% to over $500,000 within minutes of US-Israeli airstrikes. Outflows reached nearly $3 million in one hour on Nobitex, Iran's largest crypto exchange. Internet blackouts enforced by the Iranian regime significantly curbed further outflows. TRM Labs disputes capital flight conclusion, citing a downturn in transactions and volume due to internet restrictions.
Deloitte has completed the first attestation report for Tether's USAT stablecoin. USAT reserves totaled $17.6 million against $17.5 million in circulating supply as of Jan. 31. USAT reserves consist of cash and U.S. Treasuries held domestically. This move aims to build trust for USAT within the U.S. regulatory framework, differentiating it from Tether's global USDT.
US authorities are seeking to recover $327,829 in USDt linked to a romance scam. The funds were traced to cryptocurrency wallets seized by the Justice Department. Tether has frozen approximately $4.2 billion in USDt connected to illicit activities since 2023.
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Fundstrat's Tom Lee predicts a market-wide revival in March. Lee reiterates a $200,000-$250,000 target for Bitcoin in 2026. Ethereum is projected to reach $7,000-$9,000 by early 2026. AI-driven productivity, strong corporate earnings, and government support are cited as key drivers.
Bitcoin has fallen below significant moving averages, indicating potential for increased downside pressure. Shiba Inu shows a hidden bullish divergence on momentum indicators despite a bearish price trend. XRP's rising trendline support around $1.30 has been invalidated, leaving it in a vulnerable phase. The market is experiencing weak demand and uncertainty, with short-term bounces risking further selling opportunities.
Crypto markets declined as geopolitical tensions escalated following reports of a US-Israel strike on Iran. Bitcoin dropped to around $66,127 from a brief high of $68,000. Ethereum fell to near $1,947, down approximately 2.46% in 24 hours. Investors moved towards traditional safe-haven assets like oil, gold, and silver, indicating reduced risk appetite for crypto.
New biodegradable packaging film developed from milk protein, starch, and volcanic clay. Material exhibits 1,000x reduction in water vapor permeability compared to similar biopolymer films. Film fully degrades in soil within approximately 13 weeks. Potential for low-tech scaling and application in developing countries.
Ripple unlocked 1 billion XRP from escrow, valued at approximately $1.377 billion. XRP price saw minimal reaction, rising 0.9% post-unlock, despite a 16.45% drop in February. Solana led market rebound with an 11% price surge to $88.89 following a $500M liquidation event. Elon Musk drew parallels between AI firm Anthropic and the collapsed FTX exchange.
Ethereum to implement Proposer-Builder Separation (ePBS) and Fork-Choice-Enforced Inclusion Lists (FOCIL) via Glamsterdam and Hegota upgrades this year. ePBS aims to decentralize block building and mitigate MEV, while FOCIL will prevent transaction censorship. Cardano's upcoming Midnight sidechain will offer similar privacy and transaction separation benefits. ETH and ADA prices are showing positive movement, influenced by broader market rallies and Bitcoin's performance.
Solana price is consolidating within a three-week triangle pattern. A break above $88.60 resistance is eyed as a key signal for potential upside. Solana has reclaimed the Ichimoku cloud on the four-hour chart for the first time since January. Moving averages (50 MA crossing 100 MA) also indicate a short-term momentum shift.
Bitcoin mixers enhance privacy by obscuring transaction origins through pooling and redistribution. Mixero.io offers CoinJoin with an optional Monero bridge, starting at 0.7% fees. Tornado Cash, a decentralized Ethereum mixer, has over $1 billion TVL. Wasabi Wallet integrates CoinJoin with a 0.3% coordinator fee, waived for small transactions.
Bitcoin futures open interest declined to $32 billion, lowest since August 2024 in BTC terms. Annualized premium on Bitcoin monthly futures dropped to 2%, indicating reduced demand for leveraged positions. Despite futures demand drop, CME Bitcoin futures open interest remains at $7.5 billion, suggesting institutional presence. Bitcoin options market shows balanced demand with put-to-call premiums near 0.7, indicating no major stress.
US prosecutors seek forfeiture of $327,829 in USDT linked to a crypto romance scam. Victim was defrauded after being convinced to invest in a fake cryptocurrency opportunity. Funds were laundered through multiple wallets and converted to USDT. This action follows recent warnings from US prosecutors about crypto-related romance scams.
TD Securities views NYSE's tokenized equities plan as a market structure turning point for institutional adoption. The NYSE platform aims for 24-hour trading and near-instant settlement of tokenized stocks and ETFs. This development integrates blockchain settlement within existing US market rules and NBBO requirements. Tokenized assets, particularly RWAs, have seen continued capital inflows despite broader market volatility.
ETH has experienced six consecutive monthly price declines, a streak not seen since the 2018 crypto winter. Despite record network usage, ETH's price has fallen approximately 60% from its all-time high. Derivatives data shows a significant drop in ETH futures open interest and a premium on downside protection in options markets. US-listed Ethereum ETFs have seen $2.6 billion in outflows over the past four months, and major stablecoin market caps have slowed.
Bitfinex Securities is resuming USDt-denominated bond issuances on Bitcoin's Liquid Network. Previous issuances totaled $6.2 million, with four offerings and over $1.1 million in coupon payments made. The bonds offer crypto-native investors yield on USDt holdings, targeting emerging market private credit. This occurs amidst ongoing regulatory debate in the US regarding stablecoin yield products.
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