MoonPay has entered an agreement to acquire private-markets infrastructure platform North Capital in an all-stock transaction valued at more than $60 million.
The deal would expand MoonPay’s regulated financial infrastructure and strengthen its push into tokenized real-world assets (RWAs), subject to regulatory approval. North Capital would become a wholly owned subsidiary of the company after closing.
North Capital Brings $8.7B in Transaction Volume to MoonPay
North Capital has supported more than $8.7 billion in primary and secondary transaction volume through its private-markets infrastructure.
Its platform provides services including capital raising, asset management, clearing, custody and secondary trading for exempt securities, including tokenized securities. North Capital also operates PPEX, an SEC-registered alternative trading system with more than 1,250 approved assets available for secondary-market trading.
The acquisition would bring several regulated businesses into MoonPay’s financial infrastructure platform. North Capital’s affiliates include SEC-registered broker-dealers, a registered alternative trading system, a registered transfer agent and an investment adviser. This gives the company additional securities-market infrastructure as it expands beyond its established crypto payments business.
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MoonPay Adds Regulated Securities Rails Through North Capital
MoonPay said the transaction is intended to combine North Capital’s private-securities technology with its existing onchain financial infrastructure. CEO Ivan Soto-Wright said the company is building a regulatory foundation for the broader adoption of tokenized RWAs.
The combined platform is expected to connect traditional financial services with blockchain-based infrastructure and programmable financial products.
The acquisition also builds on the company’s broader expansion across financial infrastructure. The company says it serves more than 35 million customers across 180 countries and has more than 1,500 enterprise clients.
Its current products span payments, trading, commerce and stablecoin infrastructure, giving the North Capital transaction a wider context beyond a single tokenization product.
SEC Exemption Adds Context to MoonPay’s Tokenization Push
MoonPay’s acquisition comes shortly after the U.S. Securities and Exchange Commission introduced a temporary conditional exemption for certain venues trading tokenized NMS stocks.
The framework provides regulatory conditions for eligible tokenized securities venues while the SEC evaluates longer-term rules for onchain securities markets. The development has created a clearer regulatory setting for companies building infrastructure around tokenized equities.
However, the SEC exemption does not automatically authorize MoonPay or North Capital to offer every type of tokenized security. The acquisition itself remains subject to required regulatory approvals and other closing conditions. That makes North Capital’s existing regulated infrastructure particularly relevant to the company’s plans as it moves deeper into securities markets.
RWA Market Reaches $19.3B as Tokenization Expands in 2026
The broader tokenization market has expanded significantly this year. CoinGecko reported that tokenized RWAs reached $19.3 billion by the end of the first quarter of 2026, more than triple the level recorded in 2025. Tokenized stocks accounted for about $490 million, while tokenized ETFs reached approximately $300 million during the same period.
More recent Dune data shows tokenized RWAs have since grown beyond the earlier levels tracked by CoinGecko.
Dune’s September 2026 report puts tokenized RWA value across four major asset classes above $32 billion, showing that the market has continued expanding beyond Treasury products into equities and other assets. The company’s acquisition therefore places its new securities infrastructure within a rapidly developing tokenization market rather than an isolated product expansion.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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