Key Highlights
- Intercontinental Exchange is reportedly planning to invest in MoonPay, aiming for exposure to the payments side of crypto.
- MoonPay was last valued at $3.4 billion in 2021, during the previous crypto bull market.
- Neither ICE nor MoonPay has publicly commented on the reported discussions.
Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), is reportedly in discussions to invest in crypto payments firm MoonPay as part of a new fundraising round that could value the company at approximately $5 billion.
According to a Bloomberg report, the talks are ongoing and may not result in a finalized transaction. Sources cited in the report said MoonPay is nearing the completion of the funding round, although the size of ICE’s potential stake and the final terms remain unclear.
If completed at the targeted valuation, the round would mark a step-up from MoonPay’s last major funding event in late 2021, when the company was valued at about $3.4 billion.
ICE’s approach to crypto exposure
Intercontinental Exchange has so far moved carefully when it comes to crypto. While the exchange operator has backed digital-asset ventures such as Bakkt, it has stayed away from running or promoting crypto trading platforms itself.
A stake in MoonPay would follow that same pattern. Rather than taking on market risk tied to token prices, the investment would give ICE exposure to the payments side of crypto.
Market participants view payments and on-ramp providers as one of the more resilient segments of the crypto industry in 2025, especially as stablecoins, tokenized assets, and on-chain settlement gain traction. Regulatory clarity around digital payments in major jurisdictions has further increased the appeal of firms that already operate within established compliance frameworks.
Neither ICE nor MoonPay has issued an official statement regarding the reported discussions. Talks like this could still fall through or result in a smaller strategic investment rather than a lead role in the funding round.
Market context
The year 2025 has seen the crypto market shift from speculation to infrastructure and utility-driven growth, particularly in areas such as stablecoins and settlement networks. Regulatory changes in major markets, such as the Clarity Act in the U.S. and MiCA compliance in the EU, have pushed institutional players. The new approach from them is to prioritize partners with robust risk-management systems and transparent governance.
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