OpenPayd targets year-end Nasdaq listing via Titan SPAC under ticker OP
The deal implies a pro forma equity value up to $1.1 billion as OpenPayd targets a U.S. launch by April 2027.
OpenPayd is aiming to close its merger with Titan Acquisition Corp. by year-end, a move that would take the payments infrastructure firm public on Nasdaq under ticker OP. The company is positioning the listing as fuel for a U.S. buildout and acquisitions as stablecoin payments rails move closer to regulated finance.
Key Takeaways
- OpenPayd expects its merger with Titan Acquisition Corp. to close by year-end, pending SEC review and other regulatory and shareholder approvals, with plans to list on Nasdaq as OP.
- The announced terms imply a pro forma equity value that could reach $1.1 billion, setting an early valuation marker for a fiat-to-stablecoin infrastructure name.
- A U.S. services launch is targeted for April 2027 after MSB USA Inc. and 43 state money transmitter licenses were brought into the group.
- For the year ended April 30, 2026, OpenPayd reported $73 million in revenue and $13 million EBITDA alongside a $2.8 million net loss it attributed entirely to $5.8 million in one-time transaction costs tied to the proposed deal.
OpenPayd Sets a Year-End Clock for a Nasdaq Debut via Titan SPAC
OpenPayd is targeting a year-end close for its merger with Titan Acquisition Corp., a timeline that would put the company on Nasdaq under ticker OP. CEO Iana Dimitrova said the company is in the final stages of the U.S. Securities and Exchange Commission review process and expects the deal to close this year, barring a “significant external disruption.”
The gating items are procedural, not promotional. The transaction still requires the registration statement to become effective and approval from Titan shareholders, along with other closing conditions.
A SPAC, or special purpose acquisition company, is a public shell that takes a private company public through a merger rather than a traditional IPO. For traders, the practical difference is the calendar. The listing is a sequence of approvals and votes, and the timeline risk sits in those checkpoints.
Deal Terms and Financials: The $1.1B Pro Forma Marker and the Cost of Going Public
Under the announced terms of the Titan deal, OpenPayd’s implied pro forma equity value could reach $1.1 billion. Pro forma equity value is an estimated valuation calculated as if the merger and related financing terms were already completed. It is a marker, not a guarantee, and it can move if the capital structure changes.
OpenPayd’s latest reported financials give the market something concrete to underwrite. For the year ended April 30, 2026, the company reported $73 million in revenue, up from $57 million a year earlier, according to an investor presentation. It reported $13 million in EBITDA and a $2.8 million net loss.
EBITDA is a profitability metric that approximates operating earnings before interest, taxes, depreciation, and amortization. OpenPayd’s messaging is set up to frame the net loss as deal-driven rather than operational. A company spokesperson said the $2.8 million net loss was “entirely attributable” to $5.8 million of one-time transaction costs related to the proposed business combination.
The company is also considering a private placement ahead of the merger to secure funding for growth plans, Dimitrova said. Details on size, pricing, timing, and investors were not disclosed. That matters because a pre-close financing can reshape the deal’s funding mix and, in practice, influence how investors interpret that $1.1 billion pro forma ceiling.
Why the U.S. Buildout Matters for Stablecoin Payment Rails
OpenPayd is tying the public-market push to a specific operational target: launching services for U.S. customers by April 2027. The company took a step toward that launch last month by bringing MSB USA Inc. and its 43 state money transmitter licenses under the OpenPayd group.
A money transmitter license is a state-level authorization that allows a company to legally move money on behalf of customers. MSB refers to a money services business, a regulated category for firms that provide money transmission or related financial services. In market-structure terms, this is the part that determines whether a payments narrative becomes a payments business.
OpenPayd’s pitch is “picks-and-shovels” infrastructure for moving value between bank rails and stablecoins. The company provides businesses with access to accounts, foreign exchange, and domestic and international payments, alongside infrastructure for moving between traditional currencies and stablecoins.
The firm is already plugged into stablecoin settlement networks. OpenPayd has integrated with Circle Payments Network for cross-border payments and joined Fireblocks’ payments network, where participants can access its fiat infrastructure. Dimitrova described OpenPayd as a “global infrastructure platform for modern money movement,” and said “there is no public market competitor that has the same combination of fiat and stablecoin capabilities that OpenPayd can deliver today.”
Client names help validate where the product sits in the stack. OpenPayd counts crypto exchange Kraken, market maker B2C2, and trading platform OKX among companies using its payments infrastructure.
The U.S. regulatory backdrop is improving at the margin, but it is not clean. The GENIUS Act established a federal framework for payment stablecoins, while broader digital-asset market-structure legislation remains unresolved. Dimitrova called delays to market-structure legislation a setback, but said they did not change the decision to expand into the U.S.
My Read: A Public-Market On-Ramp to the Stablecoin Payments Trade—With Timing Risk
The threshold that matters is not the $1.1 billion pro forma marker. It is whether the SEC review clears and the registration statement becomes effective in time for a year-end close, then survives the Titan shareholder vote. That is where the timeline breaks.
If those gates clear, the setup starts to look structural rather than narrative-driven. A Nasdaq listing gives OpenPayd two tools it explicitly wants for U.S. expansion and acquisitions: capital and publicly traded shares. In stablecoin payments, the counterparty is always compliance and distribution. The licenses and integrations are the real inventory, and the listing only matters if it accelerates how fast OpenPayd can deploy them in the U.S.
