ICE in talks to buy stake in MoonPay at $5B valuation, expanding NYSE owner into regulated crypto payments
Intercontinental Exchange (ICE), owner of the New York Stock Exchange, is reportedly negotiating a minority investment in crypto payments firm MoonPay at an implied valuation near $5 billion. The proposed deal would raise MoonPay’s valuation from $3.4 billion in 2021 to roughly $5 billion and is part of a broader capital plan that sources say is close to closing. The move follows ICE’s earlier crypto initiatives, including ownership of Bakkt and a $2 billion strategic commitment to Polymarket. MoonPay recently obtained a limited-purpose trust charter from the New York Department of Financial Services in November 2025, allowing it to offer digital-asset custody and OTC trading under New York fiduciary rules and better serve institutional clients. Traders should note that an ICE stake would deepen ties between regulated financial infrastructure and crypto payments, potentially increasing institutional flows into compliant payments, custody and stablecoin services. The development signals renewed investor appetite for regulated crypto infrastructure after the market downturn and could shift capital toward regulated payments rails and trust services.
Bullish
An ICE minority investment in MoonPay and the company’s NYDFS limited-purpose trust charter are positive signals for institutional adoption of regulated crypto payment and custody rails. Short term, the news can increase buyer interest in equities and tokens tied to regulated payments and custody providers and may lift sentiment across regulated crypto infrastructure names. It reduces perceived regulatory risk for MoonPay’s services (payments, OTC custody, stablecoin issuance) and thus could attract institutional counterparties and partners, increasing on-chain and off-chain volumes for compliant rails. Over the long term, deeper ICE involvement and more institutional flows into regulated payment/custody services may strengthen demand for stablecoins and service providers that integrate with banks and exchanges, supporting sustained growth in transactional volume and revenues for regulated infrastructure. Risks remain — regulatory approvals, integration execution, and macro market cycles — but overall the development favors greater institutional participation and is therefore net bullish for regulated crypto payments and related assets.