NYSE parent owner Intercontinental Exchange is in talks to purchase a $2 billion stake in betting platform Polymarket, as per a report by the Wall Street Journal. The report values the company between $8 billion – $10 billion with the latest investment.
Polymarket is a platform that offers odds on all kinds of events from presidential elections to weather patterns.
The update comes after the company has received investment from capital fund 1789 Capital, backed by Donald Trump Jr, who is also a supporter of rival betting platform Kalshi.
Founded in 2020, Polymarket stopped catering to U.S. customers in 2022 after the CFTC banned its services after saying that it was operating as an unregistered derivatives exchange.
In September, Polymarket CEO Shayne Coplan said on X that the CFTC gave the green light to operate in the country.
The company’s recent efforts, such as its acquisition of QCX for $112 million, have been aimed at relaunching in the U.S.