Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, is close to investing $2 billion in crypto-powered prediction market Polymarket, the WSJ reports.
The deal, which could be announced as early as Tuesday, would value the platform at as much as $10 billion. ICE’s investment could lend regulatory credibility to Polymarket’s efforts to return to the U.S. market.
Founded in 2020, Polymarket lets users place bets on future events, including politics, economics, companies’ performances, and sports. While popular abroad, the platform has been off-limits to U.S. users since a 2022 settlement with the Commodity Futures Trading Commission.
Earlier this year, Polymarket acquired a licensed exchange and clearing house to help ease its reentry. It has also strengthened political ties. Donald Trump Jr. joined its advisory board in August, and his venture firm became an investor.
Polymarket, according to DeFiLlama data, saw $1.5 billion in volume last month and has $164 million in total value locked. The company, according to TheTie data, has raised a total of $300 million in capital to date from investors that include Peter Thiel’s venture capital firm, Founders Fund.
Rival platform Kalshi has seen rising volume over the last few months, and over the summer raised $185 million at a $2 billion valuation.