Polymarket Secures $2B Investment From NYSE Parent Company At A $9B Valuation
Intercontinental Exchange (ICE), which is the parent company of the New York Stock Exchange (NYSE), has bought a $2 billion stake in the decentralized predictions market platform Polymarket at a $9 billion valuation.
Polymarket announced the deal in an X post today. According to the post, the deal will be made at a post-money valuation.
“Together, we’re building the next evolution of markets,” Polymarket wrote. “This is just the beginning,” it added.
The stake represents the first significant move by the NYSE owner into the crypto and prediction market space.
In the past 24 hours, ICE’s share price dropped over 2%, according to data from Google Finance.
ICE share price (Source: Google Finance)
There has, however, been some pre-market buying activity after the news of the deal broke that has pushed the stock’s price up more than 3%.
New Deal Comes As Polymarket Plans A Broader Rollout In The US
The investment from ICE comes after months of fundraising rumors linked to Polymarket. Earlier this year, it was reported that Polymarket was considering a financing round at a valuation between $9 billion and $10 billion. Meanwhile, the platform’s rival, Kalshi, was close to raising at a valuation of $5 billion.
Polymarket has also been preparing for a broader US rollout after a deal to acquire the derivatives venue QCEX for around $112 million.
The platform also said that it could go live in the US following action from the Commodity Futures Trading Commission (CFTC). Along with the US Department of Justice, the CFTC had launched an investigation to determine whether Polymarket allowed unregistered derivatives or binary options trading for US users.
The regulator has since given Polymarket the greenlight to re-enter the US market after a roughly three-year absence.
Since July, Polymarket has added to its product offerings as well. Among the additions during this period was company-earnings forecasting markets. More recently, the platform also added the ability for users to deposit in Bitcoin, broadening funding options for traders.
Now, as Polymarket pushes to establish a presence in the US, the investment from one of the world’s leading exchange operators could bolster its reputation.
Polymarket Has Already Scored An Investment From A Trump
Polymarket made a name for itself in the market during the 2024 US presidential election. Ever since then, it has become a tool to bet on a variety of outcomes.
The investment from ICE comes after the predictions market platform recently confirmed that it scored an investment from Donald Trump Jr., the US President’s son.
In August, Polymarket said that 1789 Capital, a venture capital firm backed by Trump Jr., had bought a stake.
In addition to the investment, the President’s son has also been added as a strategic adviser to Polymarket’s board.
Polymarket has also recently partnered with X (formerly Twitter), and named itself the “official prediction market partner” for the social platform. As part of this partnership, Polymarket’s prediction market data will be integrated into X content and threads.
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