OnlyFans may be heading for a major ownership change.
The London-based subscription platform is reportedly in talks to sell a 60% stake to a California private equity firm called Architect Capital. If the deal goes through, it could value the company at about $3.5 billion, or $5.5 billion including debt, according to the Wall Street Journal.
OnlyFans is owned by Fenix International, which made headlines in the past for its move into crypto. Between 2021 and 2022, the company invested nearly $20 million in Ethereum. But when crypto prices fell, the value of those holdings dropped by about $8.45 million by late 2022. It’s still unclear whether the company kept or sold those assets, and no updates confirm their status through 2025.
Architect Capital is known for stepping into complex or hard-to-manage businesses. In this case, the firm reportedly wants to improve payment systems for creators who are often under-banked or blocked by traditional financial services, especially those working with adult content.
The platform’s current majority owner, Leo Radvinsky, bought OnlyFans from its original founders in 2018. Since then, he has tried to push the platform toward a more social-media-style experience, while still keeping it highly profitable.
Financial filings show just how profitable it’s been. Radvinsky has received nearly $1 billion in dividends over the past two years alone. He reportedly started exploring offers to sell the company last year, initially aiming for a valuation closer to $8 billion.
Despite the uncertainty around the sale, OnlyFans continues to bring in serious money. The company reportedly earns around $1.6 billion in net revenue each year. Architect Capital is said to be looking ahead to a possible public listing by 2028.
For now, nothing is finalized. Talks are ongoing, no contract has been signed, and the deal remains speculative.
