MoonPay, the cryptocurrency payments company, is buying North Capital, a registered securities firm, in an all-stock deal worth over $60 million. The acquisition adds North Capital’s securities-tokenization infrastructure and regulatory registrations to MoonPay’s operations, giving the payment processor a foothold in the world of tokenized real-world assets.
The deal is still subject to regulatory approval. Salt Lake City, Utah-based North Capital has about $9 billion in primary and secondary transaction volume across its platform, which supports capital raising, asset management, clearing, custody and secondary trading for private securities issuers and fund managers.
The Deal’s Value
The acquisition is structured as an all-stock transaction. Sources familiar with the matter told CoinDesk that the deal is valued at more than $60 million.
After the transaction closes, North Capital will become a wholly owned subsidiary of MoonPay. Its affiliates hold relevant broker-dealer, trading, transfer and investment advisory registrations with the U.S. Securities and Exchange Commission (SEC).
CEO and founder Ivan Soto-Wright framed the purchase as part of MoonPay’s push beyond cryptocurrency payments into tokenized assets, decentralized finance and stablecoin liquidity. “We believe bringing those capabilities into the MoonPay ecosystem can help connect different parts of the financial system through modern, programmable infrastructure,” he said.
What North Capital Does
North Capital’s platform handles the technical work of turning securities into digital tokens. That includes the issuance of new securities, the management of existing holdings, and the secondary trading of those tokens. The firm’s registrations with the SEC mean its affiliates operate under the same regulatory framework as traditional brokerage firms.
For MoonPay, the deal brings a working securities platform into its portfolio. The company has already moved beyond its core crypto payment business, building its Trade platform to connect banks and fintechs to tokenized assets, DeFi protocols and stablecoin liquidity.
The acquisition follows a busy period of buying for MoonPay. Earlier this year, the company purchased Solana-based trading infrastructure provider DFlow and security startup Sodot.
Why Tokenization Matters
Tokenization turns real-world assets — equities, bonds, commodities — into digital tokens that can be bought, sold and traded on blockchains. The process has become one of the most prominent use cases of blockchain technology for traditional financial institutions in recent years.
The market has grown quickly. Predictions point to tokenization becoming a multi-trillion dollar sector in years to come. Companies like North Capital are positioned to serve issuers and fund managers who want to raise capital or manage assets through digital means.
MoonPay’s move is part of a broader trend. Cryptocurrency companies are expanding into regulated financial services, and tokenization offers a path into TradFi markets without starting from scratch.
The Regulatory Foundation
Soto-Wright said the acquisition supports MoonPay’s aim of “building the regulatory foundation to support mass adoption of tokenized real-world assets.” That foundation includes the SEC registrations held by North Capital’s affiliates.
The deal is not complete yet. Regulatory approval remains pending, and the transaction could still fall through. If it closes, MoonPay will hold a fully integrated securities platform with the necessary licenses to operate in the United States.
The Road Ahead
MoonPay’s strategy is clear. The company is moving from processing payments to building infrastructure for the entire token economy. North Capital gives it the tools to tokenize real-world assets, handle the regulatory paperwork, and connect the resulting tokens to other systems.
The acquisition is worth over $60 million in stock. That is a significant commitment from MoonPay.
Key Facts Box
- Deal: MoonPay acquires North Capital in an all-stock transaction
- Value: Over $60 million, as reported by sources familiar with the matter
- North Capital volume: About $9 billion in primary and secondary transaction volume
- Regulatory: North Capital’s affiliates hold broker-dealer, trading, transfer and investment advisory registrations with the SEC
- Affiliate: North Capital will become a wholly owned subsidiary of MoonPay after closing
- Earlier acquisitions: DFlow (Solana-based trading infrastructure) and Sodot (security startup)
Schedule Table
| Event | Date |
|---|---|
| Announcement made | Wednesday |
| Transaction close | Pending regulatory approval |
| North Capital becomes subsidiary | After closing |
The acquisition is a bet on the future of digital assets. MoonPay is positioning itself as a bridge between the crypto economy and the regulated financial system. North Capital’s SEC registrations provide the foundation for that bridge.
The deal is not done yet. Regulatory approval remains pending, and the transaction could still fall through. If it closes, MoonPay will have a working securities platform with SEC registrations attached. The company can then offer tokenization services to issuers and fund managers who want to raise capital or manage assets through digital means.
Source material: “MoonPay to acquire SEC-registered North Capital in $60 million all-stock deal,” CoinDesk.
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