PayPay files $19.6B Nasdaq IPO after buying 40% of Binance Japan, targeting over $2B raise under ticker PAYP.
PayPay has filed for a Nasdaq initial public offering with a target valuation of $19.6 billion. The filing was submitted on February 12, 2026, under the ticker symbol PAYP.
The listing follows PayPay’s acquisition of a 40% stake in Binance Japan, linking the payments company to the global crypto exchange.
Nasdaq IPO Targets $19.6B Valuation
PayPay plans to raise more than $2 billion through the offering. The company selected Goldman Sachs, J.P. Morgan, Mizuho, and Morgan Stanley as lead underwriters.
The IPO was initially scheduled for late 2025 but faced delays.
The delay was linked to a US government shutdown that slowed the Securities and Exchange Commission review process.
With the filing now active, the company has resumed its listing timeline. Final pricing details will depend on market conditions.
PayPay is Japan’s largest mobile payments platform with about 72 million users. The company holds nearly 70% market share in domestic mobile payments.
SoftBank backs the company and remains a key stakeholder.
Acquisition of 40% Stake in Binance Japan
On October 9, 2025, PayPay and softbank acquired 40% equity in Binance Japan.
The investment amount was not publicly disclosed. Following the transaction, Binance Japan became an equity-method affiliate of PayPay.
The ownership structure creates a direct capital link between the payments platform and the crypto exchange.
As a result, Binance Japan’s financial results may be reflected in PayPay’s reporting. The move establishes a public company connection to Binance’s Japanese operations.
Binance Japan operates under Japan’s regulatory framework. The exchange provides digital asset trading services to local customers.
The stake positions PayPay within the regulated crypto market through a minority holding.
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Integration of Payments and Crypto Services
PayPay’s platform allows users to store and transfer digital money through its PayPay Money service.
Under the new structure, users may buy crypto assets within Binance Japan using PayPay balances. Funds withdrawn from Binance Japan can also be returned to PayPay accounts.
This integration creates a direct channel between Japan’s largest wallet and a licensed crypto exchange.
The arrangement connects retail payments with digital asset trading infrastructure. The companies have not disclosed further operational details.
If completed as planned, the IPO could mark Binance’s first indirect exposure to US public markets. Binance Holdings itself remains privately owned.
The listing therefore places a Binance-linked entity within a Nasdaq-traded structure.
The filing arrives as global markets monitor crypto regulation and fintech expansion. Investors are assessing growth in digital payments and regulated crypto trading.
PayPay’s IPO documentation provides further details on corporate structure and risk disclosures.
Source: https://www.livebitcoinnews.com/paypay-files-19-6b-us-ipo-after-buying-40-of-binance-japan/
