The parent company of the New York Stock Exchange (NYSE), Intercontinental Exchange (ICE), has invested $2 billion in the cryptocurrency-based prediction market Polymarket.

According to a message released by Polymarket on the X platform on Tuesday, ICE invested $2 billion in this prediction market. This transaction gives Polymarket a post-investment valuation of $9 billion.

The NYSE, owned by ICE, is the largest securities exchange in the world by market capitalization, exceeding $25 trillion as of July 2024. Its investment interest is the latest move in the integration of traditional U.S. finance with the cryptocurrency industry.

Polymarket is a cryptocurrency-driven prediction market where people buy and sell "shares" of real-world event outcomes (elections, sports, cryptocurrency prices), with market prices reflecting the implied probabilities of the crowd. Transactions are typically settled in stablecoins, and the market settles based on predefined verifiable sources. Due to regulatory reasons, access for U.S. users is restricted.

This news comes on the heels of recent reports that Polymarket is preparing to enter the U.S. market, which could value the company at up to $10 billion. In early September, the U.S. Commodity Futures Trading Commission (CFTC) issued a no-action letter to QCX, exempting Polymarket from certain federal reporting and record-keeping requirements.

This stance marks a significant shift from previous years. In mid-November 2024, the FBI even raided the home of Polymarket CEO Shayne Coplan, seizing his phone and electronic devices. The CFTC also issued a cease-and-desist order to Polymarket in early 2022.

Previously, Polymarket acquired the U.S.-licensed derivatives exchange and clearinghouse QCEX for $112 million in July, preparing for its re-entry into the U.S. market. Recently, the prediction market has undergone significant leadership changes.

At the end of August, after receiving a strategic investment from the politically aligned investment firm 1789 Capital, Polymarket added Donald Trump Jr., the son of U.S. President Trump, to its advisory board. Financial details are unclear, but some estimates suggest the investment is worth "tens of millions of dollars."

Related: Senator Lummis: Funding for the U.S. Strategic Bitcoin Reserve (SBR) "could start at any time."

Original article: “NYSE Parent Invests $2B in Polymarket at $9B Valuation”

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