MoonPay Acquires Sodot for $100M in All-Stock Deal

MoonPay, a leading cryptocurrency payments firm, has acquired digital asset security startup Sodot in an all-stock deal valued at approximately $100 million, the company announced Wednesday. The transaction, which closed in April, will enable MoonPay to launch a new institutional services division powered by Sodot's key management technology.

The acquisition positions MoonPay to expand beyond its retail payments business into services tailored for financial institutions, asset managers, trading firms, and exchanges. The new unit will focus on trading, tokenized assets, payments, custody infrastructure, and stablecoin issuance. Caroline Pham, who joined MoonPay in December as chief legal and administrative officer after serving as acting chair of the U.S. Commodity Futures Trading Commission, will lead the division.

"We built MoonPay to be the world's leading crypto payments network," said Ivan Soto-Wright, MoonPay's co-founder and CEO, in a statement. "Launching an institutional arm represents the next stage in the company's growth." He added of Pham, "There is no one better suited to lead this business than Caroline," citing her regulatory and capital markets experience.