NYSE Owner ICE Mulls MoonPay Stake At $5 Billion Valuation

New York Stock Exchange (NYSE) owner Intercontinental Exchange (ICE) is eyeing a stake in the crypto firm MoonPay at a valuation of about $5 billion.

According to a Dec. 18 Bloomberg report that cited sources familiar with the matter, ICE’s potential investment in the firm comes as MoonPay nears the completion of its latest funding round. 

MoonPay Has Embarked On An Expansion Spree This Year

MoonPay was founded in 2019 and offers software that helps users switch more easily between crypto and fiat currencies. Its last funding round at a valuation of $3.4 billion was towards the end of 2021, right around the peak of a bull market for the crypto space at the time.

MoonPay’s latest share sale comes after the company engaged in an expansion push this year, which saw the firm acquire at least four startups before launching a stablecoin business. This followed the passing of the GENIUS Act by the US Congress and President Trump’s move to sign the bill into law, paving the way for the wider use of stablecoins. 

In addition to the acquisitions, expansion, and latest funding round, MoonPay has also announced this week that Caroline Pham, the Acting Chair at the US Commodity Futures Trading Commission (CFTC), will join the firm after Mike Selig is sworn in as the agency’s new leader.

ICE Expanding Into Crypto Markets

ICE’s reported interest in MoonPay is not the NYSE owner’s first move into the crypto space. Earlier this year, the stock exchange owner announced that it made a strategic investment into the decentralized prediction markets platform Polymarket.

Under the terms of the agreement, ICE will invest up to $2 billion in the company. This capital injection valued Polymarket at approximately $8 billion pre-investment. It also positions ICE as a major institutional backer of what was previously a largely crypto-native market. 

Platforms like Polymarket give users the ability to bet on the outcomes of a variety of real-world events. These events span politics, sports, and more. 

Polymarket home screen (Source: Polymarket)

ICE said that its investment is aimed at integrating Polymarket’s event-driven probability data into traditional finance workflows. As such, the deal will see ICE become a global distributor of Polymarket’s data to institutional investors. 

The two companies also plan to collaborate on future tokenization initiatives. 

2025 Has Been A Big Year For Crypto Deals And VC Funding

This year has seen multiple large deals announced by crypto firms and has also been a strong year in terms of venture capital (VC) funding. 

So far, crypto and blockchain firms have raised almost $19 billion in VC funding. This is the most since 2022, according to data from PitchBook.

Ripple managed to raise $500 million from investors in November in a round that included funds affiliated with Fortress Investment Group and Citadel Securities. This raise was done at a valuation of $40 billion. 

On the acquisition front, Ripple has made several strategic buys. Its purchases included prime brokerage and treasury management firms. Meanwhile, US crypto exchange Coinbase has led the charge as the company aims to create a crypto “everything app.” 

That is likely due to the friendlier regulatory climate around the digital asset space in the US, as President Trump works towards making the US the world’s crypto capital. 

Since entering the White House for a second term, Trump has placed pro-crypto leaders at key agencies such as the Securities and Exchange Commission (SEC), the Office of Comptroller of the Currency (OCC), and the US Treasury. 

Yesterday, the Senate approved Trump’s picks for the Commodity Futures Trading Commission (CFTC) and the Federal Deposit Insurance Corporation (FDIC) as well.