MoonPay to Acquire North Capital in All-Stock Deal Exceeding $60M

MoonPay has agreed to acquire North Capital in an all-stock deal valued at more than $60 million, pushing the crypto payments firm deeper into regulated US securities infrastructure. The acquisition is designed to support MoonPay’s broader push into tokenized real-world assets (RWAs), particularly private-market securities.

According to MoonPay’s announcement shared with Cointelegraph, the deal would enable the company to move into functions such as issuance, custody, and secondary trading of private securities, including tokenized securities. North Capital operates broker-dealer, alternative trading system (ATS), transfer agent, and investment adviser businesses—all registered with the US Securities and Exchange Commission.

Key takeaways

• MoonPay will pay for North Capital with an all-stock transaction worth more than $60 million, according to a person familiar with the matter cited by Cointelegraph.
• The target brings SEC-registered broker-dealer, ATS, transfer agent, and investment adviser capabilities, aligning the acquisition with MoonPay’s RWA strategy.
• North Capital reports having supported more than $8.7 billion in primary and secondary transaction volume.
• The companies’ boards have approved the deal, which remains subject to regulatory approvals and customary closing conditions.

Why MoonPay’s move matters for tokenized securities

Tokenized RWAs have long faced a practical bottleneck: getting “onchain” products to connect with traditional capital markets functions such as custody, issuance workflows, and compliant secondary trading. MoonPay’s planned acquisition of North Capital is framed as an effort to bridge those components through “modern, programmable infrastructure,” as MoonPay CEO Ivan Soto-Wright said in the company’s statement shared with Cointelegraph.

For investors and market participants, the significance is less about a new headline promise and more about operational capabilities. North Capital’s existing regulatory footprint—covering broker-dealers and an ATS as well as transfer agent and investment adviser roles—suggests MoonPay could attempt to formalize end-to-end rails for private securities. That is particularly relevant for tokenized private market assets, where settlement, custody, and trading controls are typically expected to fit within established compliance frameworks.

North Capital’s infrastructure and reported scale

North Capital, based in Midvale, Utah, provides multiple lines of securities-market infrastructure. The company’s portfolio includes broker-dealers and an alternative trading system (ATS), along with services such as a transfer agent and an investment adviser, all registered with the US Securities and Exchange Commission.

In its announcement, MoonPay said North Capital has supported more than $8.7 billion in primary and secondary transaction volume. While that figure does not, by itself, indicate what portion would be tied to tokenized assets after the acquisition, it does provide a baseline for the business’s market activity and indicates established relationships and operational readiness in US private securities workflows.

Under the terms described, North Capital will become a wholly owned MoonPay subsidiary after the transaction closes. Both companies’ boards approved the acquisition, and the deal is still subject to regulatory approvals and other customary closing conditions.

Deal structure, valuation, and MoonPay’s funding backdrop

MoonPay’s agreement to acquire North Capital is structured as an all-stock transaction valued at more than $60 million, according to a person familiar with the matter cited by Cointelegraph. MoonPay has not been described as paying a cash premium in the provided details; instead, the focus is on combining equity-linked ownership with infrastructure expansion.

For context on MoonPay’s financial trajectory, Cointelegraph points to data compiled by Traxcn showing that MoonPay last raised funding in October 2021 through a $2.18 million seed round at an unspecified valuation. The same dataset places MoonPay’s valuation at $3.4 billion at the time of reporting, with investors including Karlani Capital and Fiduciary Trust International.

MoonPay’s valuation and earlier funding history are relevant because they frame the company’s capacity to pursue acquisitions as it expands from crypto payments into broader capital markets roles. Even without additional deal-specific terms in the source, the move signals a strategic reorientation toward regulated market infrastructure rather than relying solely on payment rails.

Building beyond crypto payments: MoonPay’s broader acquisition pattern

This North Capital deal is described as the latest entry in MoonPay’s acquisition push during the year, as the company expands beyond pure crypto payment services. Cointelegraph previously reported MoonPay’s purchases of key institutional crypto infrastructure provider Sodot and the DFlow trading infrastructure platform, as well as an AI finance operations platform called Entendre.

Taken together, those earlier acquisitions highlight a recurring theme: MoonPay is attempting to assemble a stack that supports institutional custody, onchain trading capabilities, and broader financial operations—then extend that stack further into compliant securities infrastructure via regulated entities like broker-dealers and ATS platforms.

For market observers, the key question is what changes after closing. Will MoonPay’s existing institutional toolset be used to onboard issuers and intermediaries into tokenized private securities workflows more efficiently? The provided details stop short of outlining specific product launches or timelines for tokenized secondary markets, so readers should watch for follow-through: regulatory filings, integration milestones, and any public expansion of tokenized securities offerings that leverage North Capital’s licensed roles.

As the acquisition moves through approvals, the most important uncertainties remain practical and regulatory: the pace of closing, how MoonPay integrates North Capital’s SEC-registered functions, and whether the resulting infrastructure can translate tokenized private securities into consistently compliant issuance and secondary trading at scale.