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Digital asset funding supervisor Galaxy Digital is in discussions to offer liquidity to prediction markets Polymarket and Kalshi.
In an interview with Bloomberg, the agency’s CEO Mike Novogratz mentioned it’s already collaborating in “small-scale” experiments with market making on the prediction markets, including that it intends to offer “broader liquidity” on these platforms sooner or later.
By performing as a liquidity supplier and market maker, Galaxy Digital would place regular bids and presents as a way to slim spreads within the platforms’ order books. It can additionally enhance the general depth on every platform.
Just a few Wall Avenue corporations have publicly ventured into prediction markets. Susquehanna Worldwide Group has been one in every of a restricted variety of institutional liquidity suppliers on Kalshi and Leap Buying and selling has additionally not too long ago began buying and selling on the platform.
Galaxy Digital’s Transfer Comes As Prediction Markets Acquire Steam
Prediction markets enable merchants to wager on real-life occasions. These occasions can vary from sport outcomes, political choices, timelines, and extra. Customers commerce these occasions by way of easy sure or no contracts, with contract costs exhibiting the market-implied chance of every final result.
Polymarket dwelling display (Supply: Polymarket)
At present main the market are Polymarket and Kalshi, which have collectively seen $42.4 billion in cumulative quantity.
The platforms gained momentum throughout the 2024 US presidential election, after Polymarket accurately predicted the end result of the elections.
Kalshi Challenges Polymarket’s Dominance
Polymarket is a decentralization-focused platform that originally led the house, however is now seeing its dominance challenged by Kalshi, which is regulated by the US Commodity Futures Buying and selling Fee (CFTC).
Since September, Kalshi has seen extra month-to-month quantity than Polymarket.
However that lead may quickly be challenged with Polymarket making ready for a US launch. It acquired QCX, a US-licensed derivatives change and clearing home, for round $112 million in July, giving it a regulated platform to re-enter the US. It has obtained a “inexperienced gentle” from the CFTC to return to the US.
Polymarket has began rolling out its platform to a choose group of US customers in beta mode and there are stories it’s aiming for a late November rollout, initially concentrate on sports activities prediction markets.
Polymarket not too long ago signed a multi-year partnership with TKO Group Holdings, which is the proprietor of UFC and Zuffa Boxing, to turn into its “Official and Unique Prediction Market Accomplice” for dwell fan engagement.
In the meantime, Intercontinental Trade (ICE), which is the proprietor of the New York Inventory Trade, has made a $2 billion strategic funding in Polymarket and the 2 additionally entered right into a deal that may see ICE distribute Polymarket’s knowledge.
We’re excited to announce that Intercontinental Trade (ICE) — the guardian firm of @NYSE, is making a $2b strategic funding at a $9b post-money valuation.
Collectively, we’re constructing the subsequent evolution of markets.
A particular thanks to all those that have supported us… pic.twitter.com/y7Z3koj3IU
— Polymarket (@Polymarket) October 7, 2025
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