It follows a massive $2 billion investment from New York Stock Exchange owner Intercontinental Exchange, which valued Polymarket at $9 billion.
Polymarket plans to launch its own native crypto token, but likely not until next year, sources familiar with the matter told Decrypt.
The launch of the Polymarket token would follow a $2 billion investment in the prediction markets business from New York Stock Exchange owner Intercontinental Exchange, announced earlier this week, which valued the company at $9 billion. It would also follow the company’s imminent reentry into the U.S. market after being effectively banned by the CFTC in 2022.
Polymarket does not plan to launch its token until it has regained a foothold in the U.S. market, currently dominated by competing prediction market Kalshi, sources told Decrypt.
Polymarket CEO Shayne Coplan seemingly teased a forthcoming token earlier this week in a post on X, posting a “POLY” ticker alongside Bitcoin, Ethereum, Solana, and BNB, reigniting speculation. Rumors of a Polymarket token have been swirling for well over a year, though the company has yet to publicly announce its plans. Polymarket has also yet to publicly comment on what the utility of such a token would be for its users once it’s launched, though it has hinted at “rewards and drops” for loyal users.
The prediction market business has boomed in 2025. Over the last week, Polymarket, Kalshi, Limitless, and Myriad have collectively generated over $1.4 billion in trading volume on predictions on everything from sports to politics. (Disclosure: Myriad is a product of Dastan, Decrypt’s parent company.) Polymarket, valued now at $9 billion, commands roughly 31% of the market, while Kalshi — which today announced a funding round that values the company at $5 billion — holds around 66% of the market, according to data from Dune.
But the road for Polymarket has been a long one.
In 2022, the CFTC fined Polymarket $1.2 million and effectively banned it from the U.S. over alleged violations of “swap data reporting and recordkeeping regulations.” Even so, the prediction market gained mainstream prominence last year as users generated billions of dollars worth of trading volume betting on the outcome of the U.S. election.
Coplan, Polymarket’s founder, had his home raided by the FBI last year following the election, with federal agents seizing his phone and electronics in the process. Still, his business grew: The company raised hundreds of millions from notable investors, such as Coinbase, Peter Thiel’s Founders Fund, and Steve Cohen’s Point72, increasing its valuation to $1.2 billion in July — just as the DOJ and CFTC closed their investigations into the company without filing charges.
The Information, citing unnamed sources, reported in June that Polymarket would offer token warrants to investors in its July round, granting those investors the right to purchase Polymarket tokens should the company release them. The tokens could be used to validate outcomes of their prediction markets, sources told The Information at the time.
Later in July, Polymarket announced its acquisition of the CFTC-regulated derivatives exchange QCX, signaling its return to the U.S. market. In September, the CFTC issued a no-action letter to QCX, effectively granting Polymarket a green light to relaunch its prediction markets in the States.
Polymarket, through QCX, self-certified its first U.S. prediction markets for sports and elections last week, gaining CFTC approval to reopen to U.S. users as early as October 2. The company opened up a waitlist for U.S. users earlier this week, just as speculation over a Polymarket token regained steam.
