London-based subscription platform OnlyFans is reportedly negotiating the sale of a 60% stake to California private equity firm Architect Capital.

According to the Wall Street Journal, the deal could value the company, known for its X-rated content, at $3.5 billion, or $5.5 billion including debt.

Architect Capital, which specializes in restructuring complex businesses, aims to improve payment systems for under-banked creators, many of whom face barriers due to adult-themed content.

Current majority owner Leo Radvinsky, who acquired OnlyFans from founders Tim and Guy Stokley in 2018, has attempted to pivot the platform toward a social-media-style experience while still generating revenue.

Financial filings show Radvinsky has received nearly $1 billion in dividends over two years.

Radvinsky began exploring offers to sell the platform last year for around $8 billion.

OnlyFans continues to be highly profitable, with annual net revenue near $1.6 billion, and Architect Capital envisions a public listing by 2028. The sale remains speculative, with negotiations ongoing and no contract finalized.

Ethereum holdings

OnlyFans’ parent company, Fenix International, invested roughly $19.9 million in Ethereum during 2021–2022.

By November 30, 2022, declining crypto prices had caused an $8.45 million impairment, reducing the holdings’ reported value to $11.4 million, though the company still retained the assets with no stated restrictions on selling.

Fenix has previously explored Ethereum-based NFTs for profile pictures, signaling ongoing interest in crypto despite its volatility.

No updates confirm whether the company sold or continued holding its Ethereum through to 2025, when the market turned bearish.