MoonPay Acquires Utah Broker North Capital to Secure U.S. Securities Licenses

MoonPay announced the acquisition of North Capital, a Utah‑based broker that has facilitated private stock transactions since 1999. The deal is aimed at securing the U.S. securities licenses MoonPay has been borrowing from partners, rather than acquiring technology.

Why the Acquisition Matters

North Capital operates two SEC‑registered broker‑dealers, a registered transfer agent, an investment adviser, and PPEX, an alternative trading system that lists more than 1,250 approved private securities. Its platform has processed $8.7 billion in primary raises and secondary trades, providing the essential infrastructure—escrow, investor verification, shareholder record‑keeping, and clearing—required for legally selling tokenized shares to American investors.

MoonPay’s Tokenization Push

Earlier this week, MoonPay opened a pathway for its 35 million users to access a tokenized Treasury fund from WisdomTree. The transaction was brokered by WisdomTree Securities because MoonPay lacks its own U.S. broker‑dealer. Acquiring North Capital fills that regulatory gap.

Impact on Users

The acquisition gives MoonPay the ability to offer genuine tokenized securities rather than synthetic trackers. With a transfer agent in place, token holders can be recorded on the issuer’s books, potentially receiving voting rights and dividends. North Capital’s infrastructure also supports Regulation CF and Regulation A+ offerings, allowing non‑accredited investors to purchase private shares, while Regulation D deals remain restricted to accredited investors.

Broader Strategy

MoonPay’s purchase follows a $100 million stock deal for the Solana router DFlow in May, marking its sixth acquisition since early 2025. CEO Ivan Soto‑Wright described the move as part of a broader effort to integrate funding, tokenization, trading, and spending under one platform.

Open Questions

While the regulatory framework is now in place, demand for tokenized private securities remains uncertain. Private market liquidity is limited, and it is unclear how many of MoonPay’s crypto users will become private‑market investors. Future activity on the PPEX platform will provide insight into the commercial impact of the acquisition.