MoonPay has reached an agreement to acquire North Capital Investment Technology, a Utah-based firm that facilitates capital raising, custody, and secondary trading for private securities, including tokenized assets. The transaction, valued at more than $60 million entirely in stock according to a source familiar with the deal, underscores MoonPay’s plan to broaden its reach within the regulated securities market.
Expansion into Regulated Securities
North Capital brings a comprehensive suite of regulatory registrations to the table, including two SEC-registered broker-dealers, a transfer agent, an investment adviser, and the PPEX alternative trading system. PPEX supports secondary trading for over 1,250 approved assets. North Capital’s platform has processed more than $8.7 billion in both new issues and secondary trade transactions to date.
The regulatory standing of North Capital was cited as a decisive element in the acquisition, according to individuals close to the matter. The merger agreement stipulates that North Capital will continue to operate as a wholly owned subsidiary under MoonPay once the deal receives the necessary approvals.
At MoonPay, CEO Ivan Soto-Wright emphasized the company’s commitment to building a regulatory foundation suited for the widespread adoption of tokenized real-world assets. Efficient value movement, he stated, must encompass every asset type, including securities.
James P. Dowd, founder and CEO of North Capital, described the acquisition as an opportunity to combine expertise and resources while maintaining support for North Capital’s established client base and partners.
Advancements in Tokenized Securities Trading
North Capital has previously integrated its trading venue with other platforms focused on tokenized securities. Most notably, in January, the company teamed up with tokenization specialist tZERO to launch Agora, a platform designed to allow qualified subscribers of one alternative trading system to access securities listed on another. The inaugural transaction via Agora occurred earlier this year, broadening cross-platform access to digital securities.
The deal still awaits regulatory approval as well as fulfillment of other customary closing conditions. Both companies have not announced a specific timeline for completion.
Strategic Acquisitions and Market Integration
This acquisition marks the latest in a series of strategic moves for MoonPay. The company’s acquisition campaign began in January 2025, and included the purchase of DFlow, a Solana-focused trading infrastructure provider, in May. In August, MoonPay partnered with Cash App to allow users to spend balances through its crypto checkout feature.
The SEC’s regulatory direction around blockchain and tokenized assets has been closely watched. On September 1, the SEC proposed allowing transfer agents—entities responsible for recording share ownership—to maintain these records on a blockchain. Such developments have increased the importance of regulatory compliance for firms entering or expanding within the tokenized asset space.
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North Capital’s cumulative experience and integrated secondary trading platform have been instrumental in shaping its presence in tokenized securities, with over $8.7 billion handled across both primary and secondary markets, while maintaining crucial broker-dealer and regulatory registrations.
