Prediction market giant Polymarket is exploring a capital raise, valuing it at around $15 billion, according to a report published Sunday.
New Funding Secured?
The cryptocurrency-based platform is in talks to raise $400 million in new funding, The Information reported, citing sources familiar with the matter.
Benzinga reached out to Polymarket to confirm the capital raise. The article will be updated once they respond.
Polymarket Trails Kalshi
The report comes after Intercontinental Exchange Inc. (NYSE:ICE) invested $600 million in Polymarket, completing a funding plan that gives the New York Stock Exchange owner a roughly $1.6 billion stake in the decentralized prediction platform.
Polymarket’s reported valuation came in significantly below that of rival Kalshi, which raised more than $1 billion last month at a $22 billion valuation.
Prediction Market Boom
The prediction markets industry has witnessed rapid growth lately. Bernstein analysts project that prediction market volumes will reach approximately $240 billion in 2026 and hit $1 trillion by 2030.
Polymarket and Kalshi dominate the space. Kalshi took a regulated approach, operating under CFTC oversight right from its inception.
Polymarket, based on Polygon (CRYPTO: POL), acquired CFTC-licensed exchange QCEX and relaunched in the U.S. last year.
According to Dune Analytics, the two platforms accounted for more than 80% of the prediction industry, with each hitting monthly notional volumes above $10 billion last month.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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