TradFi Giant Eyes Crypto Infrastructure
Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, is in advanced discussions to invest in crypto payments infrastructure provider MoonPay. According to a recent report, the potential deal targets a $5 billion valuation, a 47% premium over the firm’s $3.4 billion Series A in late 2021.
The deal is not yet finalized, but sources indicate the funding round is nearing completion.
The Numbers
MoonPay, often described as the “PayPal for crypto,” previously raised $555 million in November 2021 from Tiger Global and Coatue. This new valuation defies the venture contraction seen in other sectors, signaling that infrastructure plays remain premium assets for institutional buyers. ICE (NYSE: ICE) shares traded flat at $160.86 following the leak, suggesting the market views this as a strategic bolt-on rather than a balance-sheet risk.
“With the approval of our New York BitLicense and Money Transmitter Licenses, MoonPay now holds the golden regulatory stack for crypto in the US, allowing us to directly serve customers in every single state without gaps in coverage.”
— Ivan Soto-Wright, MoonPay CEO (June 2025)
Why ICE Wants In: The Compliance Moat
This is not a speculative bet; it is an infrastructure acquisition. ICE’s interest aligns directly with MoonPay’s aggressive pivot toward regulatory capture in 2025. The payments firm recently secured a Limited Purpose Trust Charter from the New York Department of Financial Services (NYDFS), joining a shortlist of firms like Coinbase and Fidelity Digital Assets authorized to operate at the highest level of New York compliance.
Furthermore, MoonPay announced that outgoing CFTC Acting Chair Caroline D. Pham is set to join MoonPay’s leadership team. For ICE, a venue that prides itself on regulatory supremacy, MoonPay’s combination of the NYDFS trust charter and a former top regulator makes it a “safe” bridge to the retail crypto market.
Sector Context
The move mirrors a broader trend of traditional finance absorbing crypto rails rather than building them from scratch. It follows Stripe’s acquisition of stablecoin platform Bridge earlier this cycle. While ICE’s previous internal venture, Bakkt, struggled to gain retail dominance, a stake in MoonPay offers direct exposure to the onboarding fees of millions of retail users without the operational burden of running a consumer exchange.
