NYSE Parent ICE Invests $2Bn in Polymarket, Valuing Crypto Prediction Platform at $9Bn

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), has invested $2 bn in Polymarket, a cryptocurrency-based prediction market, giving the startup a $9 bn post-money valuation, according to a company post on X.

The deal marks one of the largest traditional finance investments in a Web3 platform, highlighting growing ties between Wall Street and the crypto industry. ICE’s NYSE remains the world’s largest stock exchange, with a market capitalization exceeding $25 trillion as of mid-2024.

Polymarket allows users to buy and sell shares tied to the outcomes of real-world events, including elections, sports, and crypto prices, with market prices reflecting crowd-sourced probabilities. Trades typically settle in stablecoins, though U.S. user access has been restricted for regulatory reasons.

The investment follows reports that Polymarket is preparing a U.S. relaunch that could push its valuation above $10 bn. In September, the Commodity Futures Trading Commission (CFTC) granted Polymarket limited regulatory relief, marking a sharp turn from past enforcement actions, including a 2022 cease-and-desist order and a 2024 FBI raid on CEO Shayne Coplan’s home.

Polymarket has recently expanded aggressively, acquiring the U.S.-licensed exchange QCEX for $112 mln and adding Donald Trump Jr. to its advisory board after an investment from 1789 Capital.

The ICE deal underscores the accelerating convergence of traditional finance (TradFi) and decentralized finance (DeFi) — as legacy institutions like NYSE explore blockchain-powered markets for data, trading, and prediction.