ICE Weighs $5B Crypto Bet as MoonPay Strengthens Regulatory Stance

Intercontinental Exchange Inc. (ICE), the parent company of the New York Stock Exchange (NYSE), is in talks to invest in crypto payments firm MoonPay, according to sources familiar with the matter. The potential investment is part of a funding round that could value MoonPay at around $5 billion, up from its previous valuation of $3.4 billion. The move aligns with ICE's broader strategy of engaging with emerging financial technologies and expanding its presence in the digital asset sector as reported.

MoonPay, based in New York, offers infrastructure that allows users to buy and sell cryptocurrencies using traditional payment methods. The company recently strengthened its regulatory standing by obtaining a Limited Purpose Trust Charter from the New York Department of Financial Services, complementing its existing BitLicense. This regulatory compliance positions MoonPay alongside major players like Coinbase and PayPal in New York's strict crypto framework.

CFTC Acting Chair Caroline Pham is set to join MoonPay as chief legal officer and chief administrative officer, further signaling the firm's commitment to regulatory alignment. Her experience in crypto initiatives, including the "Crypto Sprint," will be instrumental in shaping the company's compliance strategies. Pham's transition is pending the confirmation of Mike Selig as CFTC chair according to reports.

Strategic Implications for ICE and MoonPay

ICE's potential investment in MoonPay reflects its ongoing efforts to integrate with the digital asset ecosystem. The firm already operates Bakkt, a crypto platform, and has previously committed $2 billion to Polymarket, a prediction market platform. These moves underscore a broader institutional trend of traditional finance players seeking to bridge the gap between conventional markets and crypto infrastructure as noted by analysts.

The funding round has not yet closed, and the terms are still subject to change according to sources. Neither ICE nor MoonPay has made an official comment on the talks, but the discussions suggest a cautious yet strategic approach by ICE as reported. The valuation increase reflects growing confidence in the crypto payments sector and MoonPay's market position according to market analysis.

MoonPay's expansion plans include new services such as a stablecoin unit and a partnership with Rumble to launch a crypto wallet. The company's rapid growth, including the acquisition of four startups this year, highlights its ambition to become a key player in the crypto infrastructure space.

Broader Market Trends and Institutional Adoption

The reported investment by ICE is part of a broader trend of institutional interest in crypto infrastructure as observed. As the U.S. regulatory environment becomes more favorable under President Donald Trump, financial institutions are exploring deeper integration with digital assets according to industry reports. For example, U.S. Bancorp and PNC Bank are piloting stablecoin initiatives and offering direct Bitcoin trading capabilities as reported.

MoonPay's recent hires and regulatory achievements position it as a leader in the crypto on-ramp space. The company now offers services that enable users to send, receive, and manage stablecoins, further broadening its appeal to both retail and institutional clients. This growth is supported by a $19 billion investment in crypto and blockchain firms in 2025, the highest since 2022 according to market data.

The involvement of former CFTC officials like Pham in the crypto space highlights the growing legitimacy of digital assets in the regulatory landscape. Her transition from a public regulatory role to a private company role is a significant development, signaling a shift in how regulators view the industry.

Investor and Market Reactions

While the investment is still in the discussion phase, it has the potential to reshape perceptions of crypto among traditional financial actors. Analysts note that ICE's deep market infrastructure could provide MoonPay with access to new networks, potentially accelerating the adoption of crypto across mainstream financial platforms.

The investment also raises questions about regulatory scrutiny, particularly in the U.S., where crypto remains a contentious issue as analysts warn. ICE's stake in MoonPay will likely be subject to intense oversight from regulators and shareholders, with a focus on anti-money laundering protocols and operational stability as noted in industry reports.

Investors are watching closely to see how this partnership will influence the broader crypto ecosystem. A successful outcome could encourage other institutional players to follow suit, further embedding crypto into the traditional financial system. This shift could have long-term implications for the valuation of crypto infrastructure companies and their role in the global economy as market observers suggest.