Overview
- CEO Mike Novogratz said Galaxy is running small-scale market-making experiments and expects to provide broader liquidity on the platforms.
- Polymarket and Kalshi control roughly 97% of global prediction-market activity with about $42.4 billion in combined volume.
- Jump Trading and Susquehanna International Group have begun supplying liquidity on Kalshi, highlighting growing institutional participation and cross-platform arbitrage opportunities.
- Recent regulatory steps include Polymarket’s purchase of CFTC-licensed QCEX and Kalshi’s CFTC designation with court approvals for election-based contracts.
- Kalshi closed a $1 billion round at an $11 billion valuation, Polymarket is preparing a raise at a potential $12–15 billion valuation, and Google is surfacing real-time odds from both platforms in Search and Finance.