New York Stock Exchange (NYSE) owner, Intercontinental Exchange (ICE) is reportedly very attracted to and eyeing a cool $2 billion for a stake in Polymarket.
Sources close to the deal say this blockbuster move could value Polymarket at a jaw-dropping $8 billion to $10 billion.
Why is NYSE’s Stake in Polymarket a Game-Changer?
Polymarket is no ordinary startup. It is the hot spot where people bet on everything from who’ll win the White House to the next Super Bowl champ.
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Its 2024 presidential election markets made over $2 billion in trading volume and nailed President Donald Trump’s victory.
With billionaire Peter Thiel’s Founders Fund already in its corner, Polymarket’s star power is undeniable.
In this context, Intercontinental Exchange’s stake in Polymarket could supercharge Polymarket’s mission to storm back into the U.S. market.
The Drama Behind the Deal
Polymarket was banned in the U.S. from 2022 after a clash with the Commodity Futures Trading Commission (CFTC) under the Biden administration.
After all, Democrats have inherently been against anything crypto related.
It has even been labeled an “unlicensed offshore gambling platform” in some countries.
Things got spicier when the FBI seized CEO Shayne Coplan’s phone just days after Trump’s 2024 win.
But now with an extremely crypto-friendly Trump administration in power, Polymarket’s getting a fresh shot.
Coplan celebrated on social media in July, declaring “Justice prevailed” after federal probes into the company wrapped up.
What’s Next for the Stake in Polymarket?
Polymarket’s not sitting still. It’s already snapped up a small U.S.-licensed exchange and clearinghouse to pave the way for a triumphant return to American shores.
Intercontinental Exchange has a knack for spotting the next big thing in finance, and this $2 billion stake in Polymarket is proof they’re all in on prediction markets.
