MoonPay's Deal for Utah Broker Targets U.S. Securities Licenses

MoonPay has agreed to acquire North Capital, a Utah-based broker-dealer that has been facilitating private stock transactions since 1999. What MoonPay is really after is not the company's tech but the U.S. securities licenses it has been relying on from third parties.

The financial details remain undisclosed. Announced on Wednesday, the transaction is subject to regulatory approval before it can be finalized.

MoonPay's Tokenization Drive

Just last week, MoonPay gave its 35 million users access to a tokenized Treasury fund from WisdomTree. The details revealed a limitation: WisdomTree Securities acted as the broker because MoonPay lacks its own U.S. broker-dealer.

North Capital addresses that gap in multiple ways. The company holds two SEC-registered broker-dealers, a registered transfer agent, an investment adviser, and PPEX — an alternative trading system for private securities that lists over 1,250 assets. Its platform has processed $8.7 billion in primary offerings and secondary transactions.

The acquisition is about infrastructure rather than a consumer product. Services like escrow, investor verification, shareholder recordkeeping, and clearing are the less glamorous but essential components a company requires to legally sell tokenized shares in the U.S. Acquiring these capabilities through a purchase is easier than applying for each license separately.

“All financial markets are becoming more technology-driven, but the infrastructure supporting them is still fragmented across different tech stacks, providers, and workflows,” Ivan Soto-Wright, MoonPay's CEO, stated in the press release

What the Acquisition Means for Users

This acquisition continues a series of moves. In May, MoonPay reportedly acquired Solana router DFlow for $100 million in stock, marking its sixth deal since early 2025. Soto-Wright describes MoonPay's focus as encompassing funding, tokenization, trading, and spending. North Capital will serve as the regulated securities tokenization and trading layer.

The difference is important for users. Currently, most tokenized stocks available on crypto platforms are synthetic trackers; an SEC proposed exemption would allow them to be traded without voting rights or dividends. With a transfer agent, MoonPay can provide the genuine article — a security where the holder is recorded on the issuer's official register.

This shortfall is most pronounced in private markets, where pre-IPO token products marketed to retail investors typically grant no ownership. North Capital's infrastructure accommodates Reg CF and Reg A+ offerings, which allow non-accredited investors to purchase private shares. However, Reg D deals, which are restricted to accredited investors, will remain inaccessible.

Demand remains uncertain. Private securities have low trading volumes, and having 35 million crypto users does not guarantee they will become private-market investors. Whether MoonPay can convert its regulatory infrastructure into transaction volume will become evident in PPEX data rather than in official announcements.