NYSE Owner in Talks to Invest $2 Billion in Polymarket, WSJ Says

(Bloomberg) -- The owner of the New York Stock Exchange is nearing a deal to invest $2 billion in crypto-based prediction site Polymarket, according to the Wall Street Journal.

Intercontinental Exchange Inc.’s investment would value Polymarket at as much as $10 billion, the WSJ said, citing people familiar with the matter it didn’t identify.

Any deal would underscore the rising popularity and credibility of sites that allow users to bet on the outcomes of events in politics, sports and pop culture. Chief Executive Officer Shayne Coplan said in September that Polymarket has the regulatory approvals needed to launch in the US.

Polymarket, which announced Donald Trump Jr. had taken on a role as an adviser in August, drew attention last year for its betting markets on the presidential election. The firm is at the center of a legal debate around prediction markets, provoking backlash from states, tribes and gaming companies as they become more widely used.

A deal announcement could come as soon as Tuesday, the Journal said.

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