New York Stock Exchange parent Intercontinental Exchange is taking a $2 billion stake in prediction markets platform Polymarket. The deal values Polymarket at approximately $8 billion, both companies said in a Tuesday press release.
The investment by one of the world’s leading exchange operators, which has a market value of more than $90 billion, could enhance the betting platform’s credibility and aid its efforts to re-establish a U.S. presence. Atlanta-based ICE said it would pay for the deal in cash and that it would become a distributor of Polymarket’s event-driven data.
Polymarket’s relationship with US authorities has improved under the crypto-friendly Trump administration. Polymarket’s founder and Chief Executive Shayne Coplan. shared a Bloomberg article on social media in mid-July, stating that the Justice Department and CFTC probes into the company had ended, writing, “Justice prevailed.” Donald Trump Jr., the president’s son, joined Polymarket’s advisory board in August, and his venture-capital firm 1789 Capital became an investor in the company.
“There are opportunities across markets which ICE, together with Polymarket, can uniquely serve and we are excited about where this investment can take us,” Intercontinental Exchange CEO Jeffrey Sprecher said in a Tuesday Statement. “By combining ICE’s institutional scale and credibility with Polymarket’s consumer savvy, we will be able to deliver world-class products for the modern investor,” Polymarket founder and CEO Shayne Coplan added.
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Polymarket recently got the CFTC green light to operate its market prediction platform in the US. Since then, the predictor has been in the news with plenty of positive updates, including a partnership with Chainlink (LINK).