Galaxy Digital, a prominent institutional crypto services firm, is in discussions to act as a market maker for prediction-market platforms Polymarket and Kalshi, signaling a shift in institutional interest toward event-driven trading. According to a Bloomberg report from November 24, the firm has held talks to provide regular two-way quotes, which would enhance trading depth and liquidity on these platforms.
Prediction markets have seen a surge in volume and valuations, with Polymarket and Kalshi accounting for roughly 97% of global prediction-market activity. This growth is fueled by regulatory progress, including Polymarket's $112 million acquisition of CFTC-licensed QCEX, which reopened U.S. access, and Kalshi's status as a CFTC-designated contract market with court approvals for election-based contracts.
Funding rounds have underscored the sector's momentum: Kalshi recently closed a $1 billion round at an $11 billion valuation led by Sequoia and CapitalG, while Polymarket is preparing a new raise that could value it between $12–15 billion, following a prior $9 billion valuation supported by a $2 billion strategic investment from ICE, the parent of NYSE.
Galaxy Digital CEO Mike Novogratz emphasized the company's goal to act as a consistent counterparty, operating in peer-to-peer markets rather than sportsbook-style setups. This move aligns with broader institutional entry, as firms like Jump Trading have started market making on Kalshi, and AQR's Cliff Asness is reviewing sports-betting expansions. Additionally, Google's integration of real-time odds from Polymarket and Kalshi into Google Search and Google Finance on November 7 has brought crowd-driven forecasts to mainstream users, further accelerating adoption.
TAP
BNB
BTC
LTC
KAS
DOGE