(March 27): Intercontinental Exchange Inc (ICE), the owner of the New York Stock Exchange (NYSE), invested US$600 million in cash in Polymarket, completing its plan to build a stake in the prediction markets platform.
The exchange also expects to purchase as much as US$40 million in Polymarket securities from existing holders, the company said on Friday in a statement.
In October, ICE initially invested US$1 billion into Polymarket, with a plan to ramp up that bet over time to as much as US$2 billion. With the latest bet, which completes ICE’s commitment, the exchange will have a roughly US$1.64 billion stake in Polymarket.
A representative for ICE declined to comment beyond the statement.
Prediction markets have gained even more traction since the 2024 US presidential election. Investors have been pouring more money into platforms including Kalshi Inc, which raised more than US$1 billion at a valuation of US$22 billion in a new funding round, Bloomberg News reported earlier this month.
ICE said on Friday that the valuation of its latest investment in Polymarket is expected to be disclosed when Polymarket completes its fundraising.
See also: Bank of America's Hartnett says consumer stocks best play for war aftermath
Uploaded by Felyx Teoh
