O, what a marvel! The valuation of Kalshi has leaped to a staggering $22 billion, all thanks to a $1 billion Series F round led by the mighty Coatue, doubling its worth in the blink of an eye!
“There are few categories in recent history that have scaled this quickly outside of AI. Event contracts could become a trillion-dollar market, and we’re still in the early stages of that transition.” One might wonder if he’s speaking of the market or the sheer madness of it all.
What the growth numbers show
The annualized trading volume, once a mere $52 billion, now swells to $178 billion-a tripling of fortunes in half a year! Institutional trading volume, that fickle beast, surged 800% over the same period. A veritable gold rush, if ever there was one!
Kalshi says it accounts for more than 90% of US prediction market activity and generates $1.5 billion in annualized revenue from two million monthly users. A kingdom of gamblers and dreamers, indeed!
Kalshi will use the new capital to scale adoption across hedge funds, asset managers, proprietary trading firms, and insurance companies, and will expand its product suite including recently launched block trading capabilities and deeper broker integrations. A labyrinth of financial alchemy, no doubt.
As crypto.news reported, Kalshi’s first bespoke institutional block trade, brokered by Greenlight with Jump Trading providing liquidity on a carbon allowance contract, marked a signal shift toward direct event-risk exposure for large institutional players. A game of chess, but with more spreadsheets and fewer pawns.
Regulatory headwinds persist
The growth sits against a clouded regulatory backdrop. Nevada, New Jersey, Illinois, and several other states have issued cease-and-desist orders or launched legal challenges against Kalshi, arguing some event contracts resemble unlicensed sports betting. Yet Kalshi, with a flick of its digital wand, insists it’s under CFTC’s watchful eye. A battle of wits, perhaps, but with more paperwork.
The SEC also delayed more than two dozen proposed prediction market ETFs this week, asking issuers for more information on mechanics and investor disclosures. A bureaucratic dance, as ever.
As crypto.news tracked, Kalshi is also exploring crypto perpetual futures as its next expansion move, a product that would place it in direct competition with Binance, Coinbase, and Kraken in derivatives trading. A clash of titans, or perhaps a tale of inevitable chaos.
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2026-05-09 00:07