NYSE Owner ICE Eyes MoonPay Investment at Nearly $5B Valuation: Report

Intercontinental Exchange (ICE), parent of the New York Stock Exchange, is negotiating a potential investment in crypto payments infrastructure provider MoonPay as part of a funding round eyeing a valuation near $5 billion, according to a Bloomberg report on December 18, 2025.

Sources familiar with the matter said talks remain early-stage, with no agreement reached and outcomes uncertain. The round would mark a substantial uplift from MoonPay’s $3.4 billion valuation in its 2021 bull-market funding.

Founded in 2019, MoonPay offers seamless fiat-to-crypto conversion tools, powering on-ramps for wallets, exchanges, NFT marketplaces, and dApps. Its user-friendly integrations and compliance focus—bolstered by recent New York regulatory approvals (BitLicense and trust charter)—position it alongside Coinbase and PayPal for institutional-grade services.

For ICE, the move fits a strategy of targeted digital asset exposure without direct token volatility. Through subsidiary Bakkt, ICE has pursued custody and trading; recent highlights include a $2 billion commitment to Polymarket. A MoonPay stake would deepen ties to payment rails fueling stablecoins, tokenization, and mainstream adoption.

Analysts view fiat gateways like MoonPay as resilient infrastructure plays, thriving amid 2025’s regulatory tailwinds and surging crypto venture funding (~$19B year-to-date). Demand for compliant on-ramps persists despite market cycles, supporting elevated valuations.

The potential deal underscores TradFi’s pivot toward crypto’s foundational layers over speculative assets. As regulations clarify and institutional inflows accelerate, investments in payment and custody providers signal confidence in long-term convergence. If completed, ICE’s backing could validate MoonPay’s role in bridging traditional finance and digital economies.