MoonPay buys DFlow to expand into Solana trading infrastructure

MoonPay has acquired DFlow, a trading infrastructure provider on Solana that routes and executes transactions across multiple liquidity sources.

Financial terms were not disclosed, though Fortune reported the deal was valued at around $100 million in stock, citing two sources with direct knowledge of the matter.

DFlow has processed more than $50 billion in trading volume on Solana since 2025, including over $12 billion in the first quarter of 2026, according to Tuesday's announcement. The platform supports more than 1 million users across 500 applications.

It aggregates liquidity across Solana-based venues, optimizing trade execution during settlement to improve pricing and reduce failed transactions. During peak periods, its routed trades have been included in a majority of Solana blocks, reflecting its role in network-level trading activity.

Source: DFlow

In November 2025, DFlow surpassed Solana aggregator Jupiter in daily trading volume, according to the company. It also supports tokenized prediction markets, enabling onchain representations of contracts linked to regulated venues such as Kalshi.

MoonPay provides infrastructure for converting between fiat and digital assets, including on- and off-ramps, payments and trading services. Last week, the company said it acquired Sodot, an Israeli firm specializing in key management technology, as part of a push to expand services for institutional clients.

Related: Kraken bundles crypto and tokenized stocks to attract investors seeking exposure to multiple assets

Crypto companies expand beyond payments into trading and infrastructure

MoonPay’s acquisition of DFlow is the latest in a broader wave of dealmaking among crypto companies seeking to build vertically integrated platforms that include trading, infrastructure and financial services.

In February, Bitwise said it had acquired staking provider Chorus One, which oversees more than $2.2 billion in staked assets, expanding its validator infrastructure across more than 30 blockchains and bringing staking capabilities in-house.

On Tuesday, Bullish agreed to acquire transfer agent Equiniti from Siris Capital in a $4.2 billion deal, allowing it to combine investor recordkeeping with trading and settlement, including plans for 24/7 markets and stablecoin-based payments.

Crypto exchanges Kraken and Coinbase have also expanded through acquisitions. In July, Coinbase bought LiquiFi, followed by the purchase of Echo in October, adding tools for token ownership, vesting, compliance and capital formation. In August, the company closed its acquisition of Deribit, expanding its derivatives offering.

Meanwhile, Kraken has focused on regulated trading infrastructure, acquiring NinjaTrader a year ago and derivatives venue Bitnomial in recent weeks.  The company also purchased The Small Exchange in October 2025. The US-regulated futures venue added exchange licensing to Kraken as it builds out its derivatives infrastructure.

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