Moonpay valuation rises as ICE eyes $5B deal

With fresh institutional interest circling the crypto sector, the Moonpay valuation is set to surge as the company prepares a major funding milestone.

ICE explores strategic stake in MoonPay

Crypto payments firm MoonPay is nearing a new funding deal that could lift its valuation to around $5 billion, according to a Bloomberg report citing people familiar with the talks.

The potential investment would come from Intercontinental Exchange (ICE), owner of the New York Stock Exchange (NYSE), underscoring growing Wall Street engagement with digital assets.

Discussions are reportedly at an advanced stage, with the fundraising round close to being finalized. However, terms have not been publicly disclosed, and the final structure of ICE’s involvement could still evolve before a deal is signed.

MoonPay’s business model and the new valuation

Based in New York, MoonPay focuses on simplifying cryptocurrency transactions for mainstream users and enterprises. The platform supports purchases and sales of digital assets via familiar payment methods such as PayPal, Apple Pay, and Venmo, aiming to reduce friction at the point of entry into crypto markets.

Moreover, MoonPay offers tools that help users send, receive, and manage stablecoins, extending its role beyond simple on-ramp services. This combination of payments integration and asset management positions the firm as a key infrastructure provider for digital finance.

Regulatory approvals and New York expansion

MoonPay recently secured a Limited Purpose Trust Charter from the New York Department of Financial Services (NYDFS), in addition to its existing BitLicense. This regulatory approval is a critical step for any company seeking to scale crypto operations under New York’s stringent oversight regime.

The new charter allows MoonPay to expand custody and other crypto services in the state, including enhanced support for stablecoins and broader digital asset solutions. As a result, the firm now stands alongside established players such as Coinbase and PayPal, which operate under the same NYDFS framework.

Caroline Pham’s move from CFTC to MoonPay

The governance and compliance credentials of MoonPay are set to be further strengthened by the planned arrival of Caroline Pham, acting chair of the Commodity Futures Trading Commission (CFTC). Pham intends to join the company as its chief legal and administrative officer, adding top-tier regulatory expertise at a pivotal moment for the firm.

Pham has served on the CFTC board since April 2022 and became acting chair in January 2025. She had previously indicated she would return to the private sector once a permanent chair was confirmed, a process expected to conclude this week with the anticipated confirmation of Mike Selig.

CFTC legacy: crypto policy and cost savings

Under Pham’s leadership, the CFTC accelerated several initiatives linked to digital assets. Among them was the decision to allow spot cryptocurrency trading on futures exchanges, an important step toward integrating cash markets and derivatives under a single regulatory roof.

Additionally, the CFTC launched a digital assets pilot program that permitted the use of cryptocurrencies such as Bitcoin and Ethereum in derivatives markets. These measures aimed to create a controlled environment for innovation while preserving market integrity and investor protection.

Beyond policy changes, Pham pursued internal reforms at the CFTC. According to reports, she implemented operational adjustments focused on governance and accountability, which collectively produced nearly $50 million in estimated annual savings. That said, her shift to the private sector will now test how that public-sector experience translates inside a fast-growing crypto firm.

Policy vision and personal motivations

Pham has said her agenda as acting chair centered on executing a series of presidential executive orders designed to improve regulatory clarity and efficiency across federal agencies. However, she has also framed her career decisions in more personal terms, stressing that people and meaningful relationships are central to her professional choices.

Her link to MoonPay dates back to a 2023 dinner hosted by Christie’s Art + Tech, where she first met MoonPay president Keith Grossman. A casual conversation at the event developed into a friendship and, later, more formal discussions as Pham evaluated potential roles after leaving government service.

Leadership and the next valuation for MoonPay

Grossman has voiced strong confidence in Pham’s appointment and in the broader trajectory of the company as it navigates the current moonpay valuation and prospective backing from ICE. In his view, the platform has evolved from a startup into a mature infrastructure provider ready for its next growth chapter.

“MoonPay has really matured, and Caroline is the exact type of leader with the exact type of big bank and regulatory experience that’s needed for us to be able to move to the next level,” Grossman said. Moreover, with fresh capital, a strengthened regulatory posture, and senior leadership drawn from Washington, the company appears positioned to play a larger role in the global crypto payments ecosystem.

So, MoonPay’s targeted $5 billion valuation, potential ICE investment, expanded NYDFS permissions, and the high-profile hire of Caroline Pham collectively signal a company preparing for scaled growth at the intersection of traditional finance and digital assets.