Key Takeaways
- • MoonPay acquired Israeli crypto key management firm Sodot in an all-stock transaction valued at approximately $100 million, using the deal to launch MoonPay Institutional, a new division targeting traditional financial institutions entering digital asset markets.
- • Sodot has secured over $50 billion in transactions and protected more than 10 million wallets for institutional clients including eToro, BitGo, Flow Traders, and Exodus, specializing in multi-party computation (MPC) and trusted execution environment (TEE) technologies for secure private key management.
- • Caroline D. Pham, former acting CFTC Chairman and MoonPay's Chief Legal Officer, will lead MoonPay Institutional as CEO of Moon Global Markets, bringing regulatory expertise to the institutional expansion.
- • The acquisition positions MoonPay to capture surging institutional demand for digital asset infrastructure, with stablecoin transaction volume reaching $33 trillion in 2025 and Q1 2026 alone exceeding $28 trillion, while total stablecoin market capitalization sits at approximately $320 billion, up 50% since early 2025.
- • MoonPay Institutional will offer a unified technology platform supporting any token and blockchain with integration flexibility into existing financial systems, spanning custody, trading, settlement, and compliance services.
Summary
MoonPay has acquired Sodot, an Israeli cryptocurrency key management infrastructure company, in an all-stock deal valued at approximately $100 million according to Bloomberg reporting. The acquisition announcement, made Wednesday, marks the crypto payments platform's strategic expansion into institutional markets and the formal launch of MoonPay Institutional, a new business division designed to serve banks, asset managers, trading firms, and other traditional financial institutions seeking digital asset infrastructure.
Founded in 2023, Sodot has established itself as a specialized provider of cryptographic key management solutions, with particular strength in self-hosted multi-party computation (MPC) and trusted execution environment (TEE) technologies. The company's infrastructure has secured over $50 billion in transactions and protected more than 10 million wallets across a client base that includes major institutional players such as eToro, BitGo, Flow Traders, and Exodus. By integrating Sodot's security and key management technology into MoonPay's broader platform, the acquisition creates a foundation for an integrated institutional offering that spans custody, trading, settlement, and compliance services across the digital asset ecosystem.
Caroline D. Pham will lead the institutional division as CEO of Moon Global Markets while maintaining her roles as MoonPay's Chief Legal Officer and Chief Administrative Officer. Pham brings significant regulatory credibility to the institutional expansion, having previously served as acting Chair of the U.S. Commodity Futures Trading Commission and held senior positions at Citigroup and other capital markets institutions. In a statement, Pham emphasized the market opportunity: "Boards and investors are asking management the same question: What is your digital asset strategy? MoonPay Institutional gives them the answer. A unified technology platform that supports any token, any chain, any wallet–and all with the flexibility to integrate into firms' existing systems."
MoonPay's timing capitalizes on substantial institutional demand for digital asset exposure. Stablecoin transaction volume reached $33 trillion in 2025, with Q1 2026 alone exceeding $28 trillion, while total stablecoin market capitalization has grown to approximately $320 billion, representing roughly 50% growth since early 2025. Ivan Soto-Wright, CEO and Founder of MoonPay, characterized the institutional arm as "the next stage" for the company, stating that combined with Sodot's infrastructure, it will "allow us to bring this platform to financial services firms now entering the digital asset space." Existing Sodot customers will continue operating without disruption, and MoonPay plans to expand development and operations in Israel.
Founded in 2023, Sodot has established itself as a specialized provider of cryptographic key management solutions, with particular strength in self-hosted multi-party computation (MPC) and trusted execution environment (TEE) technologies. The company's infrastructure has secured over $50 billion in transactions and protected more than 10 million wallets across a client base that includes major institutional players such as eToro, BitGo, Flow Traders, and Exodus. By integrating Sodot's security and key management technology into MoonPay's broader platform, the acquisition creates a foundation for an integrated institutional offering that spans custody, trading, settlement, and compliance services across the digital asset ecosystem.
Caroline D. Pham will lead the institutional division as CEO of Moon Global Markets while maintaining her roles as MoonPay's Chief Legal Officer and Chief Administrative Officer. Pham brings significant regulatory credibility to the institutional expansion, having previously served as acting Chair of the U.S. Commodity Futures Trading Commission and held senior positions at Citigroup and other capital markets institutions. In a statement, Pham emphasized the market opportunity: "Boards and investors are asking management the same question: What is your digital asset strategy? MoonPay Institutional gives them the answer. A unified technology platform that supports any token, any chain, any wallet–and all with the flexibility to integrate into firms' existing systems."
MoonPay's timing capitalizes on substantial institutional demand for digital asset exposure. Stablecoin transaction volume reached $33 trillion in 2025, with Q1 2026 alone exceeding $28 trillion, while total stablecoin market capitalization has grown to approximately $320 billion, representing roughly 50% growth since early 2025. Ivan Soto-Wright, CEO and Founder of MoonPay, characterized the institutional arm as "the next stage" for the company, stating that combined with Sodot's infrastructure, it will "allow us to bring this platform to financial services firms now entering the digital asset space." Existing Sodot customers will continue operating without disruption, and MoonPay plans to expand development and operations in Israel.
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