NYSE parent company ICE is in talks to invest in MoonPay, drawing industry attention with a $5 billion valuation

On December 19, 2025, Bloomberg reported that Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is engaged in in-depth negotiations to invest in the crypto payment company MoonPay Inc. The current funding round aims for a valuation of up to $5 billion, representing a significant increase of nearly 47% compared to the company’s $3.4 billion valuation at the end of 2021.

This is not ICE’s first interest in the crypto space, but it could be the most critical step in seamlessly integrating digital assets into traditional financial infrastructure.

01 Core of Trading: Traditional Financial Giants’ Crypto Strategy

Intercontinental Exchange is one of the key builders of global financial infrastructure, owning major platforms such as the New York Stock Exchange and ICE Futures Exchange. Now, it is turning its focus to the bridge connecting traditional finance and the crypto world — the payment segment.

Multiple sources confirm that ICE is actively participating in negotiations for MoonPay’s new funding round. The round is nearing completion, with MoonPay’s valuation estimated at around $5 billion, far exceeding its $3.4 billion valuation during the 2021 bull market peak.

So far, both parties, ICE and MoonPay, have not publicly commented on the matter. However, the market generally believes that this potential investment marks a fundamental shift in traditional financial institutions’ attitude toward crypto infrastructure.

02 Strategic Intent: Focus on Infrastructure, Not Speculative Assets

ICE’s interest in MoonPay clearly indicates that its strategic goal is not speculation but targeting the core payment infrastructure that supports the entire crypto ecosystem. Payment systems are the “water, electricity, and coal” of financial activities — whoever controls the payment gateway controls the convergence point of capital flows.

This investment is a continuation of ICE’s systematic deployment of digital asset strategies. Recently (October 2025), ICE invested $2 billion in prediction market platform Polymarket. These consecutive moves show that this traditional financial giant is accelerating its deepening and integration of the digital asset ecosystem.

The value of investing in MoonPay lies in its potential to complete a crucial piece of ICE’s crypto map — reaching end-users and enterprises through front-end payment gateways, thereby building a complete closed-loop system from underlying assets (like Bakkt), trading platforms (NYSE), to payment channels.

03 Investment Target: Why MoonPay?

Founded in 2019, MoonPay has become a key player in the crypto payment field. Its core business is providing software solutions that help users and institutions more conveniently convert between fiat and cryptocurrencies.

MoonPay’s value lies in its role as middleware, efficiently connecting traditional banking systems with blockchain networks. Its services are adopted by numerous crypto wallets, exchanges, and enterprises seeking to integrate digital payment solutions.

Importantly, MoonPay has made significant progress in compliance. The company recently obtained a limited purpose trust license from the New York State Department of Financial Services and a BitLicense, making it one of the few crypto companies holding such important licenses. This level of compliance maturity directly addresses regulatory barriers that once hindered large financial institutions from entering the space.

04 Industry Trend: Accelerating Integration of Traditional Finance and Crypto

ICE’s investment trend is a microcosm of the broader trend in 2025 of the accelerated integration of traditional and digital finance. In the face of asset tokenization waves and changing customer demands, traditional financial institutions can no longer remain on the sidelines.

The table below clearly shows the mainstream strategic paths for traditional financial institutions to integrate crypto infrastructure:

Comparison of strategic paths for traditional financial institutions to integrate crypto infrastructure

ICE’s choice to enter via venture capital (or potential strategic partnerships) balances operational flexibility with future strategic initiative. This reflects that institutional capital is systematically flowing into mature projects with proven market viability, clear business models, and regulatory adaptability.

05 Market Impact: Injecting Confidence into the Crypto Industry

For the entire crypto market, ICE’s potential investment is a strong positive signal. After market cycles, MoonPay’s valuation has not declined but increased, indicating substantial recognition from traditional capital.

This move may also herald profound changes in market structure. The industry is shifting from early-stage reliance on venture capital and retail-driven growth to more stable, long-term capital from traditional listed companies, sovereign wealth funds, and similar entities. This will strengthen the industry foundation but may also embed traditional financial rules.

For investors, this means that crypto assets, especially those related to regulated infrastructure and payment sectors, could see more stable valuations and increased liquidity.

Professional investors can leverage platforms like Gate Exchange, which offer rich trading pairs and deep liquidity, to position in payment, RWA (Real World Assets), and other sectors closely integrated with institutions, capturing the structural opportunities driven by traditional financial capital entering the space.

06 Future Outlook: The Era of Full-Chain Competition Begins

If ICE successfully invests in MoonPay, it will be more than just a financial transaction. It signifies that a top-tier global financial infrastructure group is building a comprehensive full-chain capability spanning traditional and crypto finance.

The future competitive landscape may evolve into an ecosystem-level contest between traditional financial giants and crypto-native giants.

This move by the NYSE parent company sets the clearest tone for the 2025 crypto-financial integration: the industry is moving irreversibly from the wild west era toward a new stage of deep integration with mainstream financial systems. In this process, platforms like Gate, which combine innovation with compliance, will become key gateways for users to participate in this transformation.