The trader works on the floor of the New York Stock Exchange.
NYSE
Shares in Intercontinental Exchange, the parent of the New York Stock Exchange, rose more than 3% in the pre-market market after it announced it had acquired $2 billion in stake in forecast market platform Polymarket.
The deal focuses on about $8 billion in Polymercu, the companies said in a release.
“There is an opportunity throughout the market where ICE can serve its own unique service along with Polymarket, and we are excited to see where this investment will take us,” Jeffrey Sprecher, CEO of InterContinental Exchange, said in a statement.
Polymarket CEO Shayne Coplan and Ice CEO Jeffrey Sprecher join CNBC’s “Squawk Box” to discuss the deal. View in real time with CNBC+ or CNBC Pro streams.
This deal comes as the forecast market becomes more mainstream and Polymet’s rival Calci enjoys a rapid increase in trading volume thanks to the implementation of sports-related contracts. According to a Piper Sandler analysis, the forecast market could rise to $8 billion by 2030 by 2030.
Earlier this year, Polymerk secured investment from the capital in 1789. This is supported by Donald Trump Jr.
Shayne Coplan, founder and CEO of Polymarket, writes, “Ice’s institutional size and familiarity with Polymarket’s consumers will enable us to provide world-class products to modern investors.”
The transaction was first reported by the Wall Street Journal.
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