MoonPay snaps up Solana trading platform DFlow in $100M stock deal
What's the deal? MoonPay, the crypto payments and infrastructure firm, has acquired DFlow — a trading platform built on the Solana blockchain — for $100M in an all-stock deal. The acquisition adds a trading layer to MoonPay's existing suite of crypto services spanning payments, tokenisation, and spending.
"We've been building MoonPay around four pillars: fund, tokenize, trade, and spend," said co-founder and chief executive officer Ivan Soto-Wright. DFlow fills the trading gap.
DFlow operates a routing algorithm that finds the optimal path for trades across multiple venues, minimising slippage — the gap between a customer's order price and the final execution price. It also runs a decentralised exchange aggregator that has captured 5–10% of Solana's volume on such platforms in recent months, per crypto analytics firm Blockworks. DFlow processed more than $12B in trading volume in Q1 2026.
Why now? DFlow has been gaining serious traction. Earlier this week, Coinbase named it the primary router for Solana-based trades, with DFlow handling 60% of Solana trading volume on the exchange in the past week. Solana infrastructure firm Jito will also use DFlow's router for its new consumer trading app.
This is MoonPay's seventh acquisition since the start of 2025. It previously bought Solana payment processor Helio, stablecoin infrastructure firm Iron, payments startup Meso, crypto infrastructure firm Decent, and crypto key management company Sodot. Last week it also launched an institutional business unit led by former acting CFTC chair Caroline Pham.
What could go wrong? MoonPay is paying entirely in stock, which means DFlow's team and investors are betting on MoonPay's future valuation. The company remains private, though Soto-Wright said it would "eventually test the public markets." A string of acquisitions integrated quickly carries execution risk — seven deals in roughly 18 months is an aggressive pace for any company.
DFlow raised just $7.5M across two funding rounds — $2M in seed funding led by Multicoin and Framework Ventures in 2022, then $5.5M led by Framework in 2023. At a $100M price tag, early backers stand to do well, but the all-stock structure means returns depend on MoonPay's trajectory.
The signal: MoonPay is assembling a full-stack crypto platform through rapid-fire M&A — what Soto-Wright calls "the operating system for value." The strategy reflects a broader consolidation trend in crypto infrastructure, where firms race to own every layer of the stack before going public.
"Every acquisition we've made over the past 18 months has been about strengthening the platform so that when we do take that step, we're not just ready for the public markets, we're defining the category," Soto-Wright said.
Read more: fortune.com
