KALSHI TAKES AIM AT WALL STREET After disrupting sportsbooks, prediction market platform Kalshi is now challenging traditional exchanges. Following CFTC approval, Kalshi became the first U.S. venue to offer Bitcoin perpetual futures—leveraged contracts with no expiration date. The move has rattled investors, with exchange stocks sliding as competition intensifies. Valued at $22 billion, Kalshi aims to become a full-scale derivatives exchange and has already filed to list additional crypto perpetuals. Supporters say regulated perpetuals could bring a massive offshore market into the U.S. financial system.(*Walter Bloomberg)