NYSE Owner Nears $2B Investment in Polymarket, Valuing at $10B
Intercontinental Exchange (ICE), owner of the New York Stock Exchange, is nearing a $2 billion investment in Polymarket, a crypto-powered prediction market.
The deal could value Polymarket at up to $10 billion and might be announced as early as Tuesday.
This investment may enhance Polymarket's regulatory credibility for its efforts to re-enter the U.S. market.
Polymarket, founded in 2020, allows users to bet on future events like politics and sports but has been unavailable to U.S. users since a 2022 settlement with the Commodity Futures Trading Commission.
To facilitate its return, Polymarket acquired a licensed exchange and clearing house and strengthened political connections, including Donald Trump Jr. joining its advisory board.
Recent data from DeFiLlama shows Polymarket had $1.5 billion in volume last month and holds $164 million in total value locked. The company has raised $300 million in capital so far, with investors like Founders Fund.
Competitor Kalshi also experienced growth, raising $185 million over the summer at a $2 billion valuation.
