Trump Jr.-linked 1789 Capital leads Polymarket’s $1B raise: Report
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Donald Trump Jr.-linked investment firm 1789 Capital is reportedly leading a $1 billion funding round for Polymarket, a blockchain-based prediction market, with a $300 million investment. This round would value Polymarket at $21 billion. The investment would increase 1789 Capital’s total stake in Polymarket to about $500 million, making it one of the platform’s largest backers.
Why it matters
The funding round positions Polymarket with a valuation close to its main competitor Kalshi, which is valued at $22 billion. The development highlights continued investor interest in prediction markets despite regulatory scrutiny. The source does not elaborate further on market or policy impacts.
Key context
Polymarket had previously sought $400 million in capital at a $15 billion valuation earlier in the year. The platform faces regulatory challenges, including legal actions in multiple US states and international restrictions. JPMorgan Chase ended its banking relationship with Polymarket due to regulatory concerns but expressed potential interest in underwriting a future public offering. ICE remains the largest disclosed investor, holding preferred shares valued at about $2 billion as of June 30.
Key numbers and entities
1789 Capital ($300 million investment in latest round, $500 million total), Polymarket (valued at $21 billion), Kalshi (valued at $22 billion), ICE ($1.6 billion invested in preferred shares with $2 billion carrying value), JPMorgan Chase.
What remains unclear
Details on the other participants in the $1 billion funding round and the full implications of the investment are not provided. The source does not specify responses from 1789 Capital or Polymarket to inquiries. The exact regulatory outcomes and terms of the prior legal actions remain unspecified.