MoonPay agrees all-stock deal to buy North Capital for over $60m
The crypto payments firm is acquiring the US private-markets infrastructure provider to add regulated broker-dealer and trading capabilities for tokenised securities.
Key points
- MoonPay's all-stock acquisition of North Capital is valued at more than $60 million, a person familiar told CoinTelegraph.
- North Capital's SEC-registered businesses include broker-dealers, an alternative trading system, a transfer agent and an investment adviser.
- North Capital has supported over $8.7 billion in primary and secondary transaction volume, according to the announcement.
- The deal, approved by both boards, is subject to regulatory approvals and other closing conditions; North Capital would become a wholly owned MoonPay subsidiary.
- MoonPay, valued at $3.4 billion per Traxcn, previously bought Sodot, DFlow and Entendre this year.
Crypto payments company MoonPay has agreed to acquire North Capital, a US private-markets infrastructure provider, in an all-stock deal worth more than $60 million, a person familiar with the matter told CoinTelegraph. The companies announced the agreement on Wednesday, saying it would extend MoonPay into regulated US securities infrastructure as it builds services for tokenised real-world assets.
MoonPay said the purchase would let it move into the issuance, custody and secondary trading of private securities, including tokenised securities. North Capital brings SEC-registered operations spanning broker-dealers, an alternative trading system, a transfer agent and an investment adviser, according to the announcement.
North Capital has supported more than $8.7 billion in primary and secondary transaction volume, the announcement said. Once the transaction closes, it would become a wholly owned subsidiary of MoonPay. Both companies' boards have approved the deal, which still requires regulatory approvals and other customary closing conditions.
MoonPay chief executive Ivan Soto-Wright said the acquisition would help connect parts of the financial system through "modern, programmable infrastructure", according to the announcement shared with CoinTelegraph.
The buyer is based in Midvale, Utah. Its last fundraising was a $2.18 million seed round in October 2021 at an unspecified valuation, according to data compiled by Traxcn, with investors including Karlani Capital and Fiduciary Trust International. Traxcn puts MoonPay's current valuation at $3.4 billion.
The deal continues a run of acquisitions by MoonPay this year as it moves beyond crypto payments. Earlier purchases include key management company Sodot, trading infrastructure platform DFlow and AI finance operations platform Entendre, adding capabilities in institutional custody, onchain trading and financial operations.