$12 Billion Valuation and an ICE Deal—Is Polymarket About to Go Public?

Polymarket is seeking caller superior astatine a $12 cardinal valuation, according to Bloomberg. This marks a 20% summation from its erstwhile $10 cardinal circular and has sparked speculation that the prediction marketplace level could travel Kraken’s way toward a US IPO.

The timing aligns with Kraken’s caller moves. The speech closed an $800 cardinal rise earlier confidentially filing for an IPO connected November 19.

On November 19, Kraken submitted a draught Form S-1 registration connection with the US Securities and Exchange Commission. This determination officially began the IPO process. The fig of shares and pricing stay undetermined pending reappraisal by the SEC and marketplace conditions.

Pursuing nationalist markets, Kraken secured $800 cardinal successful backing astatine a $20 cardinal valuation connected November 18. This backing surpassed the archetypal program of $500 million, which was announced astatine a $15 cardinal valuation earlier successful July.

Just hours earlier the IPO news, Kraken co-CEO Arjun Sethi described the rise arsenic a milestone and praised the team’s achievements.

Circle besides followed the aforesaid capital-raising approach, with the USDC issuer mounting an initial target of raising $624 million at a per-share terms of $24 to $26. This preceded its IPO filing successful April, highlighting a communal inclination among firms looking to spell nationalist successful the US.

Polymarket’s effort to rise funds astatine a $12 cardinal valuation represents a important escalation aft months of accelerated growth.

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The level present counts implicit 1.3 cardinal traders and has processed $18.1 cardinal successful trading volume. Daily progressive users climbed from 20,000 to astir 58,000, spurred successful portion by speculation astir a imaginable POLY token.

Backing from organization players has been pivotal. The level secured $2 cardinal successful backing from Intercontinental Exchange, genitor of the New York Stock Exchange, an organization validation milestone. CMO Matthew Modabber confirmed plans for a autochthonal POLY token and airdrop, answering months of marketplace rumors.