MoonPay buys North Capital to build tokenized securities rails
What's the deal? MoonPay has signed a definitive agreement to acquire 39 North CapitalDealroom has a profile for this one. Try Dealroom →, a private-markets infrastructure platform, for an undisclosed sum. North Capital will become a wholly owned subsidiary, adding its securities brokerage and investment advisory businesses to MoonPay's onchain financial infrastructure. The deal, announced September 23, 2026, was unanimously approved by both boards.
What each side brings: North Capital combines API-first technology with regulated brokerage services for private securities issuers, fund managers, and investors, supporting capital raising, custody, and secondary trading of exempt and tokenized securities. MoonPay, founded in 2019, moves value across fiat and digital assets for more than 35 million customers in 180 countries and over 1,500 enterprise clients.
The numbers: North Capital's platform has supported more than $8.7 billion in primary and secondary transaction volume. Its PPEXDealroom has a profile for this one. Try Dealroom → alternative trading system lists more than 1,250 approved assets for secondary-market trading.
What's the endgame? MoonPay wants to build the regulatory foundation for mass adoption of tokenized real-world assets. "We're building the regulatory foundation to support mass adoption of tokenized real-world assets," said chief executive officer Ivan Soto-Wright. North Capital's SEC-registered broker-dealers, transfer agent, and investment adviser give MoonPay a licensed on-ramp into US private securities markets.
What could go wrong? Completion depends on required regulatory approvals and customary closing conditions. In securities markets, that scrutiny can be heavy — and the deal's timeline is not guaranteed.
The signal: The acquisition reflects crypto infrastructure firms buying their way into regulated finance rather than building licenses from scratch. As tokenization of real-world assets moves from pitch decks toward practice, owning the compliant plumbing — brokerage, custody, trading venues — is becoming the competitive edge.
Image credit: Dick Thomas Johnson
