OpenPayd, the London-based payments infrastructure company, expects to complete its Nasdaq listing by the end of 2026, chief executive Iana Dimitrova told CoinDesk in an interview published on 3 October 2026. The OpenPayd Nasdaq listing would come through a merger with the special purpose acquisition company Titan Acquisition Corp, under a business combination agreement dated 1 June 2026, and the combined company would trade under the ticker OP.

The OpenPayd Nasdaq Listing Terms in the SEC Filing

OpenPayd’s Form 425 filing announced Amendment No. 1 to its F-4 registration statement, dated 3 August 2026, which sets out the terms. Consideration to OpenPayd shareholders rests on an $800 million equity value, minus a share-based adviser fee. The deal could bring up to about $276 million of gross proceeds from Titan’s trust account if no public shareholders redeem. The companies describe an implied pro forma equity value above $1 billion.

Closing is expected in the fourth quarter of 2026 and depends on the registration statement becoming effective, approval by Titan shareholders, regulatory approvals and Nasdaq listing approval. A separate condition requires minimum aggregate transaction proceeds of $130 million. OpenPayd also describes itself as having reported more than $240 billion of annualized transaction volume.

The Financials Behind the OpenPayd Nasdaq Listing

CoinDesk’s interview cites an investor presentation showing revenue of $73 million for the year ended 30 April 2026, up from $57 million, with $13 million of EBITDA and a net loss of $2.8 million. A company spokesperson told CoinDesk the loss comes entirely from $5.8 million of one-time merger costs. Revenue growth works out to about 28%, and the EBITDA margin to about 18%.

Dimitrova said that after the OpenPayd Nasdaq listing the company aims to open for US customers by April 2027. In September it added MSB USA Inc., which holds 43 state money transmitter licences, a step Fintechbits covered in OpenPayd’s licence pickup. Kraken, the market maker B2C2 and OKX use its infrastructure, and it has integrated with Circle Payments Network and joined Fireblocks’ payments network. CoinDesk put the implied pro forma equity value at up to $1.1 billion, a little above the filing’s “more than $1 billion”.

Fintechbits analysis

Why the Trust Arithmetic Matters More Than the Valuation

The headline number is the equity value. The risk sits in the trust. Titan’s trust could supply up to about $276 million, and the deal needs at least $130 million in minimum proceeds. If more than about 53% of the trust is redeemed, the minimum is at risk unless other money fills the gap, and CoinDesk says OpenPayd is weighing a private placement before the merger. Whether a placement would count toward the $130 million is a point the filing summary does not settle, and it decides how much redemption the OpenPayd Nasdaq listing can absorb.

On price, $800 million against $73 million of revenue is about 11 times, and the $1.1 billion pro forma equity figure is about 15 times, though equity value includes the cash the deal raises and so overstates what a buyer pays for the business. Those are Fintechbits’ calculations from reported numbers. Whether 11 to 15 times revenue is fair for a payments infrastructure firm with a stablecoin side is a judgment I would make cautiously, because the company’s main claim is its mix of fiat and stablecoin rails, and that claim has no stated revenue split. Fintechbits covered the stablecoin plumbing trend in the Volante and Circle USDC deal.

What the Filing and Interview Leave Unproven

The $240 billion figure is volume and says nothing about revenue. Set against $73 million, it implies roughly 3 basis points of revenue on volume, which suggests a thin-margin infrastructure business, though the two numbers cover different periods and the result is approximate. The stablecoin share of revenue is not given, nor is customer concentration among the named clients. The filing does not say how large a private placement would be, or whether one will happen. The financial figures come from an investor presentation that Fintechbits has not seen, and the $1.1 billion and “above $1 billion” wordings do not match.

Other crypto-adjacent firms are taking different routes. CoinDesk noted that RedotPay is preparing a US IPO and that Kraken’s parent Payward has pushed its own listing out to 2027 at the earliest. A SPAC merger is the faster path, and the OpenPayd Nasdaq listing will show whether it is also the riskier one. The OpenPayd Nasdaq listing also gives investors a first public read on a European stablecoin payments business.

What to Watch Next on the OpenPayd Nasdaq Listing

Three events will settle the question. The SEC has to declare the F-4 effective, Titan has to set a shareholder meeting date, and the redemption level has to be disclosed. A private placement announced before the vote would be the clearest sign that management expects redemptions to bite into the $276 million trust.

Questions and answers

When will the OpenPayd Nasdaq listing close?

OpenPayd chief executive Iana Dimitrova told CoinDesk the company expects to finish its Nasdaq listing by the end of 2026, and the Titan Acquisition Corp filing says closing is expected in the fourth quarter of 2026.

What value does the OpenPayd Nasdaq listing put on OpenPayd?

The merger rests on an $800 million equity value for OpenPayd, minus a share-based adviser fee, with an implied pro forma equity value above $1 billion according to the filing.

How much revenue does OpenPayd make?

OpenPayd reported $73 million of revenue for the year ended 30 April 2026, up from $57 million, with $13 million of EBITDA, according to an investor presentation cited by CoinDesk.

What minimum funding does the OpenPayd Nasdaq listing need?

The deal requires at least $130 million of aggregate transaction proceeds, while Titan’s trust could supply up to about $276 million if no public shareholders redeem.