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Rakuten considers U.S. IPO of credit card business amid rising global listing trend

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Rakuten is exploring an initial public offering (IPO) in the United States for its credit card business, according to two sources familiar with the matter, as the Japanese e-commerce and financial services giant seeks to capitalize on global investor appetite for financial technology stocks.

The considerations, still in their early stages, include a potential stake sale to a strategic buyer, one source said. The move was reportedly prompted in part by SoftBank’s plans to list PayPay in the U.S., which could value the payments firm at over 3 trillion yen ($20 billion).

A U.S. listing of Rakuten Card would mark the company’s biggest overseas capital market move to date. Rakuten’s shares rose 4.7% in Tokyo following the Reuters report, outperforming the Topix index, which gained 1.6%.

Last year, Mizuho Financial Group acquired a 15% stake in Rakuten Card for 165 billion yen ($1.1 billion), valuing the business at over 1 trillion yen ($7 billion). The two firms have since launched joint credit card products.

Credit cards remain central to Rakuten’s ecosystem, linking its e-commerce, banking, travel, and loyalty programs. The division has issued over 30 million cards and reported a 20% rise in operating profit to 62 billion yen last year, though profit slipped 4.5% in the April–June 2025 quarter due to higher operating costs.

Rakuten Card aims to lift profits to 100 billion yen in the medium term and expand into corporate credit services, CEO Koichi Nakamura said earlier this year.

The company’s potential U.S. IPO comes amid a resurgent IPO market, with firms raising $24 billion in the third quarter, the busiest since late 2021, according to Dealogic.

Gemini Files Confidentially for U.S. IPO as Crypto Markets Regain Strength

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Gemini, the cryptocurrency exchange founded by billionaire twins Tyler and Cameron Winklevoss, has confidentially filed for an initial public offering (IPO) in the United States, as digital asset firms capitalize on renewed strength in crypto markets. This move comes amid a surge of successful listings, particularly in high-risk sectors like crypto and fintech, signaling a revival of capital market activity.

The IPO wave reflects pent-up demand after years of regulatory uncertainty and market volatility. Earlier this week, stablecoin issuer Circle made a strong debut on the New York Stock Exchange, encouraging other crypto firms to consider public offerings. “Pre-IPO crypto companies would be crazy not to move ahead with listings after seeing how Circle traded,” said Matt Kennedy, senior strategist at Renaissance Capital.

Gemini has not yet disclosed the size or price range of its offering. The exchange currently offers trading and storage for over 70 cryptocurrencies and aims to join a growing list of crypto-native companies seeking mainstream investment. Kat Liu, vice president at IPOX, noted that Gemini’s filing adds to the sector’s momentum and reflects the growing readiness of digital asset firms to engage with public capital markets.

The timing for Gemini’s IPO coincides with a dramatic rise in the global cryptocurrency market, now valued at approximately $3.3 trillion, with Bitcoin trading above $100,000, according to CoinMarketCap. The recent approval of U.S. spot Bitcoin ETFs has drawn billions of dollars from institutional investors eager for crypto exposure.

Michael Ashley Schulman, CIO at Running Point Capital Advisors, said, “A successful listing would confirm that the crypto thaw is real.” He added that if the trend continues, the IPO calendar could rapidly fill up with fintech, AI, and other tech-related offerings.

This renewed optimism marks a stark turnaround for the crypto industry, which was rocked by the collapse of FTX in 2022 and years of global regulatory scrutiny. However, recent political developments have also helped boost sentiment, with U.S. presidential candidate Donald Trump declaring his support for the sector and pledging to be a “crypto president.”

In May, Coinbase made history by becoming the first U.S. crypto-focused company to join the S&P 500, solidifying crypto’s growing presence in traditional financial markets. Gemini’s IPO filing further underscores the sector’s accelerating financial maturity and its efforts to integrate more deeply into global capital markets.