Kalshi raises $1B at a $22B valuation from Coatue as prediction markets boom
Stablecoins Are the Story. Trading Is the Money.
Mastercard acquired stablecoin infra firm BVNK for $1.8B earlier this week. But that looks small next to what’s happening elsewhere in crypto markets.
Kalshi, one of the two main prediction markets, has reportedly raised $1B+ at a $22B valuation, doubling from $11B just months ago. Backed by Paradigm, Sequoia, a16z, ARK, and now Coatue.
Source: Bloomberg
➡️ Why this matters
Stablecoins dominate the narrative. But trading still dominates the revenue.
And the gap is not even close.
The comps tell the story:
- NYSE parent company ICE invested in spot and derivatives exchange OKX at $25B early this month
- Kraken has been preparing its IPO at $25B valuation
- Bullish, the institutional focused exchange, is trading at $6B valuation
And prediction markets are emerging as the next high-growth vertical:
- Kalshi run-rate: ~$1.5B revenue
- Weekly volumes of two main prediction markets (Kalshi + Polymarket): $2B+
- Robinhood: prediction market volume +200% QoQ while crypto trading fell -38% YoY
Despite being early, prediction markets are already monetizing better than many stablecoin payment firms.
➡️ Bottom line
Crypto trading continues to be the biggest money market for the industry. And preduction market is likely to be an important engine for its next growth phase.
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