Subscription platform OnlyFans is reportedly in discussions to sell a controlling 60% stake, according to a recent report by The Wall Street Journal. The potential buyer is Architect Capital, a California-based private equity firm known for taking on complex business restructurings. If the deal moves forward, it could value the company at around $3.5 billion, or roughly $5.5 billion when debt is included.
OnlyFans is owned by Fenix International, a London-based company that runs the creator platform best known for adult-oriented content. The talks are still ongoing, and there’s no final agreement in place yet. Still, the negotiations suggest that big changes could be on the horizon for one of the internet’s most talked-about subscription platforms.
Architect Capital reportedly sees room to modernize and expand OnlyFans, especially when it comes to payments. Many creators on the platform face challenges accessing traditional financial services because of the adult nature of their content. The firm aims to improve payment systems and make it easier for under-banked creators to receive their earnings, a long-standing pain point for the creator economy.
Current majority owner Leo Radvinsky acquired OnlyFans in 2018 from its founders, Tim and Guy Stokley. Since then, the platform has exploded in popularity and profitability. Radvinsky has also tried to nudge OnlyFans toward a more mainstream, social-media-style experience, while still keeping the business model that made it successful. Financial filings show that he has collected nearly $1 billion in dividends over the past two years, underlining just how lucrative the platform has become.
Radvinsky reportedly began exploring options to sell the company last year, with earlier discussions valuing OnlyFans at around $8 billion. Even with the lower valuation now being discussed, the business remains a cash-generating machine. OnlyFans continues to post annual net revenue of close to $1.6 billion, making it one of the most profitable creator platforms in the world. Architect Capital is said to be eyeing a potential public listing for the company by 2028, if the acquisition goes through.
Beyond its core business, OnlyFans has also dipped its toes into crypto. During 2021 and 2022, Fenix International invested about $19.9 million in Ethereum. As crypto prices fell, the company recorded an $8.45 million impairment by November 30, 2022, bringing the reported value of its ETH holdings down to around $11.4 million at the time. The company did not place restrictions on selling those assets, but it’s unclear whether it still holds the Ethereum today.
Fenix has also explored Ethereum-based NFTs for profile pictures, showing an interest in blockchain tools despite the market’s ups and downs. With crypto markets turning bearish again by 2025, there have been no confirmed updates on whether OnlyFans kept or sold its Ethereum holdings.
For now, the potential sale remains speculative. Talks are ongoing, no contracts have been signed, and the future ownership of OnlyFans is still up in the air.
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