MoonPay buys Sodot, launches institutional arm led by Pham

MoonPay acquired Sodot, a crypto key-management firm, and launched a new business called MoonPay Institutional. The company announced Wednesday that the all-stock transaction closed this month and was valued at about $100 million.

Caroline Pham will lead MoonPay Institutional. Pham joined MoonPay in December as chief legal officer and chief administrative officer. She is the former acting chair of the Commodity Futures Trading Commission and will head the new unit.

MoonPay Institutional will offer a single technology stack to regulated financial firms entering digital assets, including banks, asset managers, trading firms and exchanges. The platform is designed to provide wallets, key management, custody through MoonPay’s New York trust company, on-chain order routing and execution, collateral movement and cross-chain collateral mobility, access to over-the-counter and decentralized finance liquidity, stablecoin payments and settlement, and compliance tools.

Sodot’s technology will form the security foundation for the institutional platform. MoonPay said Sodot has processed more than $50 billion in transactions and protected over 10 million wallets for clients including eToro, BitGo, Flow Traders and Exodus. The acquired systems support self-hosted multiparty computation and trusted execution environment wallet infrastructure used by institutions that require control of private keys.

The acquisition follows other deals by MoonPay as it expands beyond retail payments. The company previously acquired a stablecoin infrastructure provider in a deal worth at least $100 million, bought a Solana payments firm for $175 million, and acquired payments startup Meso. MoonPay obtained a New York trust charter and a BitLicense in late 2025 to enable custody and institutional trading services.

MoonPay said the institutional unit will target clients that need regulated custody and integrated execution services. The company noted Pham’s regulatory experience at the CFTC as relevant to managing relationships with regulated financial institutions and overseeing compliance and legal strategy for the new business.