Kalshi Courts Wall Street Hedgers After $1 Billion Raise at $22 Billion Valuation
Updated
Updated · The New York Times · Jun 17
Kalshi Courts Wall Street Hedgers After $1 Billion Raise at $22 Billion Valuation
3 articles · Updated · The New York Times · Jun 17
Summary
$17.9 billion in monthly trading volume has made Kalshi the biggest U.S. prediction market, and it is now building for hedge funds and brokerages rather than mainly retail bettors.
Months of hiring trading specialists and working with financial firms reflect a push to turn event contracts into hedging tools for business risks, a use already tested by small companies including a New York beer bar and a sports insurer.
$1 billion raised last month at a $22 billion valuation—double December's appraisal—has increased pressure to prove institutional adoption can drive the next phase of growth.
Trading Technologies said earlier it will add Kalshi connectivity in the third quarter, while rival Polymarket has also brought in the New York Stock Exchange's parent as prediction markets chase Wall Street demand.