Intercontinental Exchange Inc. (ICE), the owner and operator of the New York Stock Exchange, is in discussions to invest in cryptocurrency payments company MoonPay, according to people familiar with the matter cited by Bloomberg.
The potential investment would form part of an ongoing funding round that could value MoonPay at approximately $5 billion, up from its previous $3.4 billion valuation set during its last major raise in late 2021, near the peak of the prior crypto market cycle.
The talks remain private, and no final terms have been disclosed.
Regulatory progress in New York
MoonPay recently secured a Limited Purpose Trust Charter from the New York Department of Financial Services, adding to its existing BitLicense. The additional approval allows the company to offer custody and other regulated crypto services within New York, one of the most demanding jurisdictions for digital asset firms in the United States.
Founded in 2019, MoonPay builds infrastructure that allows users to move between fiat currencies and cryptocurrencies. Its services are used by exchanges, wallets, creators, and consumer platforms seeking compliant access to digital asset payments.
With both licenses in place, MoonPay now operates under the same regulatory framework as companies such as Coinbase and PayPal, which have also met New York’s digital asset requirements.
ICE’s expanding footprint in digital assets
For ICE, a potential MoonPay investment would extend its growing involvement in digital asset infrastructure. The exchange operator owns Bakkt, a crypto trading and custody platform, and earlier this year agreed to invest up to $2 billion in Polymarket, a blockchain-based prediction market.
“Our investment blends ICE, the owner of the New York Stock Exchange, which was founded in 1792, with a forward-thinking, revolutionary company pioneering change within the Decentralized Finance space,” said Jeffrey C. Sprecher, ICE Chair & Chief Executive Officer.
Taken together, these moves point to a strategy focused on regulated platforms and financial rails that connect traditional markets with digital assets.
Leadership changes at MoonPay
The talks with ICE come as MoonPay prepares for a significant leadership transition. Caroline Pham, the acting chair of the U.S. Commodity Futures Trading Commission, has confirmed plans to join MoonPay as chief legal officer and chief administrative officer after leaving the agency.
Pham has played a central role in the CFTC’s recent crypto initiatives, including efforts to clarify regulatory expectations and the withdrawal of outdated guidance related to digital asset delivery.
MoonPay CEO Ivan Soto-Wright said Pham’s experience will help the company translate regulatory developments into practical frameworks for users and partners. Her start date has not been finalized and is expected to follow the confirmation of a permanent CFTC chair.
beyond thrilled to welcome @CarolineDPham to @moonpay
— Ivan Soto-Wright (@ivanhodl) December 17, 2025
her leadership at @cftc has shaped policies that expand financial freedom and crypto innovation
now we’ll turn that progress into real outcomes for users and partners globally
we’re still just getting started……
Official Announcement.
Expansion across payments and stablecoins
MoonPay has accelerated its expansion in 2025, completing at least four acquisitions and entering the stablecoin segment as regulatory clarity improves. In July, Congress passed a major stablecoin law establishing a federal framework for dollar-pegged digital assets, easing a long-standing barrier to adoption.
Earlier this year, MoonPay also partnered with Rumble to launch Rumble Wallet, a product that allows creators to manage earnings and transact in digital assets outside traditional banking channels, using MoonPay’s fiat-to-crypto
“Rumble Wallet will change the game for creators, and MoonPay is the perfect partner to bring that vision to life,” said Rumble Founder and CEO Chris Pavlovski.infrastructure.
If completed, ICE’s investment would mark another step by major market operators toward regulated crypto payments and infrastructure, as digital assets continue to intersect with established financial systems.
Matvii Diadkov
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