ICE (parent company of NYSE) just dropped $600 million in cash on Polymarket today. Checked it out tonight—this $600M isn’t a new investment. It’s actually the first installment of the $2 billion deal from last October, officially landing today. On top of the direct funding, ICE is also buying $40 million worth of shares from existing shareholders. Basically, ICE will now be able to distribute Polymarket’s real-time data. For example, on terminals, there’ll be a new line with live updates like: ‘Market thinks there’s a 43% chance the Fed will cut rates in June,’ displayed alongside stock prices, BTC prices, etc. Polymarket’s real-time probability data is sold to institutions as a pure-profit SaaS business. Its valuation logic is totally different from that of an exchange. So yeah, I think $2 billion isn’t too expensive.