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cryptonews 2025-06-25 07:52:47

Peter Thiel’s Founders Fund Backs $200M Raise for Polymarket at $1B Valuation

Polymarket, a crypto-based prediction market platform , is on the verge of closing a $200 million raise that would value the company at $1 billion, according to a recent report from Reuters . Key Takeaways: Polymarket is nearing a $200M raise at a $1B valuation led by Founders Fund. Despite bans and an FBI raid, the platform continues to grow and attract major backing. With over 21,000 open markets, Polymarket has become a global hub for political and economic betting. The raise is being led by Founders Fund, the venture capital firm co-founded by billionaire investor Peter Thiel. The deal would give Polymarket “unicorn” status, a notable milestone for a company that remains inaccessible to U.S. users. Banned and Raided, Polymarket Still Draws Big Money Despite being banned domestically and targeted by federal authorities, including a November FBI search that resulted in the seizure of electronics from founder Shayne Coplan, Polymarket has continued to attract both capital and attention. The new investment follows over $100 million in prior funding, including an undisclosed $50 million round earlier in 2025. It also comes shortly after Polymarket announced a partnership with Elon Musk’s X , aimed at integrating its betting markets with commentary from Grok, X’s AI chatbot. This might be the most unexpected partnership of the year: X just teamed up with Polymarket. The platform that predicted Trump’s win while every poll showed 50–50. But this isn’t just a partnership… It's the death of traditional media. Here’s why it changes EVERYTHING: pic.twitter.com/gh2y2Ho601 — Ricardo (@Ric_RTP) June 7, 2025 Polymarket has made headlines for its rapid growth, especially during the 2024 U.S. presidential election. At its peak in November, trading volume reached $2.5 billion, fueled by speculation on political and geopolitical events. The platform allows users to bet on topics ranging from global conflicts and economic trends to legislation and local politics. Recent markets include predictions on a potential U.S. recession, the odds of Israel striking Iran again, and the likelihood of the stablecoin-focused GENIUS Act becoming law , currently sitting at 87% according to the site. According to its analytics dashboard , Polymarket hosts more than 21,000 open markets, with 1.2 million traders, 20 million open positions, and $700 million in active trading volume. Data from Dune Analytics shows May’s monthly trading volume at $1.1 billion, down from the November peak but still substantial. While its growth has been remarkable, Polymarket also faces regulatory pressure beyond the U.S., with bans or restrictions in France, Singapore, Thailand, Taiwan, Poland, and Belgium. It has also drawn scrutiny over alleged manipulation of outcomes. The firm competes with other prediction platforms such as Kalshi, which is backed by Sequoia Capital and Y Combinator. CFTC Probes Super Bowl Contracts by Crypto.com and Kalshi In March, the CFTC announced that it is reviewing Super Bowl-related prediction contracts offered by Crypto.com and Kalshi Inc. to determine if they comply with federal derivatives laws. Crypto.com introduced its sports event trading product last year, enabling users to make predictions on high-profile events like the Super Bowl. Despite that, the CFTC has expressed concern over whether such contracts qualify as legal derivatives. In January, the agency’s five commissioners voted to initiate a 90-day review of the Super Bowl futures products, effectively extending the probe past the game’s February 9 kickoff. The post Peter Thiel’s Founders Fund Backs $200M Raise for Polymarket at $1B Valuation appeared first on Cryptonews .

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