CEO of MoonPay Amasses $150 Million During Bitcoin’s Golden Age

MoonPay, a cryptocurrency payment startup, raised $555 million in Series A funding in November 2021 from multiple investors, including Tiger Global and Coatue Management.

According to an unidentified source, MoonPay insiders, including CEO Ivan Soto-Wright, obtained $150 million worth of company shares. The financing round occurred amid the Bitcoin mania, during which the cryptocurrency reached a record high of over $69,000.

MoonPay is a crypto infrastructure company that provides a payment gateway for cryptocurrencies, enabling users to acquire Bitcoin and other cryptocurrencies effortlessly. Celebrities such as Jimmy Fallon and Paris Hilton praised the company’s non-fungible token (NFT) “concierge” service in 2021, which garnered the business widespread attention. MoonPay was valued at $3.4 billion during the financing round, which attracted prominent investors. In an interview, Soto-Wright disclosed that the funds would be used for various purposes, including expanding personnel and geographic reach.

Nonetheless, some funds were used to purchase shares from existing shareholders, including Soto-Wright. According to the Information, selling shares to investors generated $405 million of the total funds. In comparison, the remaining $150 million was generated by insiders selling their shares in a secondary transaction.

This indicates that a significant portion of the funds generated did not directly contribute to the company’s development. Shortly after the Series A funding round, Soto-Wright purchased a $38 million estate in Miami known for hosting extravagant parties during the Art Basel art festival.