Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, is reportedly in advanced discussions to invest in cryptocurrency payments infrastructure company MoonPay. According to Bloomberg sources, the investment would be part of a fundraising round that could value MoonPay at approximately $5 billion ahead of a potential initial public offering (IPO).
The talks are described as private, with one source choosing to remain anonymous due to the sensitive nature of the negotiations. This move represents a continued expansion by ICE into the cryptocurrency sector, following its agreement in October to invest up to $2 billion in blockchain-based prediction market platform Polymarket.
MoonPay, founded in 2019, provides software that enables users to convert fiat currency into cryptocurrencies seamlessly. The company's last major funding round occurred in late 2021 during the bull market, valuing it at $3.4 billion. Since then, MoonPay has aggressively expanded its operations, acquiring at least four startups this year and launching a stablecoin business. This expansion coincides with the passage of new stablecoin legislation by Congress in July, which has created regulatory clarity for dollar-pegged tokens.
In a significant regulatory development, MoonPay announced on Wednesday that Caroline Pham, the acting chairman of the Commodity Futures Trading Commission (CFTC), will join the company as chief legal officer. Pham was appointed by President Donald Trump in January to temporarily lead the CFTC and plans to return to the private sector once a permanent chairman is confirmed. The Senate is expected to vote on Trump's nominee, Michael Selig, before the holiday break.
The potential ICE investment occurs against a backdrop of increased institutional interest in cryptocurrency under the Trump administration. With regulatory scaling back and White House support for digital assets growing, companies like Coinbase and Ripple are positioning themselves as primary crypto-native partners for traditional institutions entering the market. Trump has already signed the first federal rules for stablecoins, providing further regulatory framework.
According to PitchBook data, cryptocurrency and blockchain companies have raised nearly $19 billion in 2025, the highest amount since 2022. This includes Ripple's $500 million fundraising in early November at a $40 billion valuation, with participation from funds linked to Fortress Investment Group and Citadel Securities. Ripple President Monica Long noted strong demand for stablecoin payments, with the company doubling its customers in that business line quarter over quarter.
