Polymarket Confirms $2 Billion Investment From NYSE Owner ICE

CN
3 hours ago

A Wall Street Journal (WSJ) report disclosed that “people familiar with the matter” noted the investment could value Polymarket between $8 billion and $10 billion.

The report further noted that the deal, which could be finalized as soon as Tuesday, would see one of the world’s largest exchange operators take a significant stake in the betting platform. Following the leak, it seems the news revealed by WSJ sources was true.

Polymarket confirmed the report on Tuesday via X by stating:

“We are excited to announce that Intercontinental Exchange (ICE) — the parent company of NYSE, is making a $2b strategic investment at a $9b post-money valuation. Together, we’re building the next evolution of markets. A special thank you to all those who have supported us till now. This is just the beginning.”

Founded in 2020, Polymarket allows users to bet on yes-or-no questions about politics, sports, and current events. It gained prominence for its high-volume markets during the 2024 presidential election, and since then, volume and open interest have remained steady. The platform has been off-limits to U.S. users since a 2022 settlement with regulators.

However, Polymarket’s regulatory standing has shifted under the Trump administration. Federal probes into the company have ended, and Trump’s son, Donald Trump Jr., joined its advisory board in August. The company has also taken steps to re-enter the U.S. market by acquiring a licensed exchange. The platform QCX was acquired by Polymarket for $122 million.

“Our partnership with ICE marks a major step in bringing prediction markets into the financial mainstream. But in addition to that, it’s a monumental step forward for DeFi,” Polymarket CEO Shayne Coplan remarked on X.

The investment from ICE, which has a market value exceeding $90 billion, will significantly boost Polymarket’s credibility and aid its U.S. relaunch. Prediction markets like Polymarket and its competitor Kalshi are still experiencing a surge in mainstream interest well after the election. Reports have also stated, prior to this news, that Kalshi is also eying to raise more capital. Several other notable crypto exchanges have been jumping into the prediction markets and sports betting space as well.

“The past two years have been surreal. Going from a write off to creating a category, watching our vision become a reality,” Coplan concluded.

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