MoonPay to acquire North Capital in all-stock deal worth more than $60 million

# What happened

# Capital MoonPay has built a payments and crypto infrastructure business and is expanding into tokenized securities and private-market infrastructure. North Capital adds regulated U.S. securities capabilities: broker-dealer licenses, an alternative trading system (ATS) called PPEX, transfer-agent operations and investment-adviser services. Those capabilities extend MoonPay beyond payments into issuance, custody and secondary trading of private securities, including tokenized securities.

MoonPay CEO Ivan Soto-Wright said the acquisition will help the company connect different parts of the financial system through "modern, programmable infrastructure." The deal follows earlier MoonPay acquisitions this year — Sodot (management services), DFlow (trading infrastructure) and Entendre (AI finance operations) — that expanded institutional custody, onchain trading and finance operations.

# What North Capital brings North Capital is a private-markets infrastructure provider registered with the U.S. Securities and Exchange Commission. Its businesses include broker-dealers, an ATS, transfer-agent services and investment-adviser infrastructure. According to the announcement, North Capital's platform has supported more than $8.7 billion in primary and secondary transaction volume. Coinpedia reports that PPEX lists more than 1,250 approved assets for secondary trading.

If the transaction closes, North Capital will operate as a wholly owned subsidiary of MoonPay, giving MoonPay a regulated pathway for issuing and trading exempt and tokenized securities in the U.S.

# Financial context and valuation A person familiar with the matter told Cointelegraph the all-stock deal is worth over $60 million. Public data cited in coverage shows MoonPay's prior fundraising history — the company last raised in October 2021 in a seed round — and a Traxcn valuation figure of about $3.4 billion. Those details offer context about MoonPay's size and capital history but do not change the structure of this acquisition, which uses stock rather than cash.

# Implications for tokenization and RWA markets Acquiring regulated securities infrastructure gives MoonPay direct control over several steps required for tokenized real-world assets (RWAs): issuer onboarding, transfer agency, custody and secondary trading via an ATS. For MoonPay, that reduces reliance on third-party partners when offering tokenized securities to U.S. issuers and investors. For issuers and intermediaries, MoonPay's combined stack could offer a single vendor for payments, custody and trading services.

Regulatory approvals remain the main gating factor. North Capital's existing SEC registrations are a prerequisite to those approvals, but any operational integration that affects regulated activities will likely be reviewed by regulators.

# Bottom line