NYSE owner in talks to take USD2b stake in Polymarket: WSJ
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The news: Owner of the New York Stock Exchange, Intercontinental Exchange, is nearing a USD2 billion ($3.03 billion) investment in betting platform Polymarket, which could value the betting platform at as much as USD10 billion.
The numbers: Sources told the WSJ that the deal is expected to value Polymarket between USD8 and USD10 billion.
The context: The investment by one of the world’s largest exchange operators, which has a market value of more than USD90 billion, would help to enhance the betting platform’s credibility and assist its efforts to re-establish a US presence.
Founded in 2020, Polymarket lets users bet on yes-or-no questions about anything from politics and sports to popular culture.
The privately-held, New York-based company drew attention last year for its betting markets on the presidential election. Its markets on the November 2024 vote attracted more than USD2 billion in trading volume and drew widespread media coverage for correctly anticipating Donald Trump’s victory.
However, the betting platform is banned in several countries as an unlicensed offshore gambling platform and has been blocked from US users since 2022 after reaching a settlement with the Commodity Futures Trading Commission. After Trump was elected in 2024, the FBI seized the phone of Polymarket founder and CEO Shayne Coplan.
In June, Polymarket announced plans to return to the US after acquiring a little known derivatives exchange and clearinghouse QCX for USD112 million.
Trump’s pro-crypto policies have helped improve Polymarket’s relationship with US authorities. Donald Trump Jr joined Polymarket’s advisory board when his fund invested in Polymarket in August.
The source: WSJ
