1789 Capital Leads $1 Billion Polymarket Round at $21 Billion Valuation in Bitcoin (BTC) Market

1789 Capital Leads $1 Billion Round

Polymarket, the blockchain-based prediction market, is raising roughly $1 billion at a $21 billion post-money valuation, with Donald Trump Jr.'s venture firm 1789 Capital leading the round. A spokesperson for the firm, Alexa Henning, confirmed on Monday that 1789 Capital plans to contribute about $300 million, on top of the roughly $200 million it has already invested — close to $500 million of cumulative exposure that would place the firm among the platform's largest backers. The transaction has not been announced as closed: the final size, the other participating investors and the ownership distribution could all change before completion. Polymarket lets users trade contracts on election, sports, economic and entertainment outcomes on-chain, inside the same Bitcoin (BTC)-rooted crypto ecosystem that produced today's event-trading infrastructure.

Valuation Jumps 40% in Five Months

The round marks a steep repricing. In April, Polymarket completed a $1 billion raise at an approximately $15 billion valuation, with Intercontinental Exchange (ICE) contributing $600 million. A $21 billion post-money figure implies the platform's value has climbed about 40% in roughly five months, narrowing the gap with rival Kalshi, which last raised at a $22 billion valuation. Settlement on the platform runs through USDC, the dollar stablecoin issued by Circle, keeping flows inside crypto rails. Growth has also extended well beyond politics: annualized revenue — an unaudited run-rate rather than a fiscal-year audited figure — had reportedly crossed $1 billion by June, reflecting rapid expansion in trading activity and fee income since the platform returned to the U.S. market.

ICE Deepens Its Polymarket Stake

The New York Stock Exchange's parent remains the anchor holder. ICE first agreed in October 2025 to invest up to $2 billion at a pre-money valuation near $8 billion, then completed a further $600 million cash investment in March 2026. As of its latest disclosure, the exchange operator held about 22% of Polymarket's outstanding shares — a position worth roughly $1.64 billion — making it the prediction market's largest investor. ICE's own first-quarter SEC filing states that the company recorded a $389 million fair-value gain on the Polymarket investment, driven by an observable change in Polymarket share prices rather than cash income from the platform itself.

Political Ties Draw Scrutiny

Trump Jr. joined 1789 Capital as a partner after the 2024 presidential election and later took a seat on Polymarket's advisory board, while separately advising rival Kalshi since 2025 — a role for which he received shares worth more than $300,000. He has said he invests as a private citizen with no policy position and no role in the administration. The overlapping interests have drawn Democratic scrutiny: House Judiciary Committee members are examining the venture firm's rapid growth and its investments in companies touched by federal policy. The regulatory weather has been favorable, however — CFTC chair Michael Selig, President Trump's appointee, has publicly praised both platforms and sued states attempting to restrict them, and the president wrote in May on Truth Social that prediction markets would thrive under his leadership. Readers tracking the market in real time can follow live spot and futures prices on Bitget.

From Crypto Niche to Mainstream

COINOTAG's read: the threads above trace one arc — prediction markets are graduating from a crypto-native niche into a mainstream event-pricing asset class now competing for capital once reserved for names like Blackstone. The primary disclosures anchor that judgment: the raise size (about $1 billion), the lead investor (1789 Capital) and the late-stage round are confirmed by the firm's spokesperson, while the SEC filing documents ICE's $389 million fair-value gain. What remains undisclosed matters too — whether the round involves newly issued shares or secondary sales, audited financials supporting the $21 billion mark, and actual profitability are all unconfirmed. Retail flows now effectively copy trading the conviction of ICE and the Trump family, but compliance costs, state litigation and the Kalshi rivalry will test whether the valuation holds.