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Shares of New York Stock Exchange mother or father, Intercontinental Exchange, rose greater than 1% after the corporate introduced it took a $2 billion stake in prediction markets platform Polymarket.
The deal values Polymarket at roughly $8 billion, each corporations mentioned in a launch.
“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 mentioned in a press release.
The deal comes as prediction markets grow to be extra mainstream, with Polymarket rival Kalshi having fun with sharp buying and selling quantity will increase due to the implementation of sports-related contracts. Prediction markets trade income might climb to $8 billion by 2030 because it takes market share from the sports activities playing trade, in accordance with evaluation by Piper Sandler.
Polymarket, earlier this yr, additionally secured an funding from 1789 Capital, which is backed by Donald Trump Jr. The firm was additionally greenlit final month to launch within the U.S.
Polymarket founder and CEO Shayne Coplan wrote that,” 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.”
The deal was first reported by The Wall Street Journal.
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