Morning Minute: Polymarket Raises $2B at $9B Valuation from NYSE Mum or dad – Decrypt

Morning Minute is a day by day e-newsletter written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially mirror these of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Right this moment’s prime information:

• Crypto majors fall after current rally; BTC at $123,000
• Gold makes new ATH at $4,070 up 50% on yr
• Monad’s MON token debuts pre-market at $15B FDV
• Polymarket raises $2B at $9B from NYSE guardian, positive factors large distribution
• S&P set to unveil new index that includes 35 shares and 15 digital belongings

🟣 Polymarket Secures as much as $2B From NYSE Mum or dad ICE

It appears to be like just like the current increase rumors for Polymarket had been true.

And so they got here with an much more bullish twist for the main prediction market.

📌 What Occurred

The New York Inventory Change’s guardian, Intercontinental Change (ICE), will make investments as much as $2B in Polymarket at a $9B valuation.

And arguably extra importantly, grow to be the worldwide distributor of its event-market knowledge.

ICE mentioned it should take a stake valuing Polymarket round $8–9B and pipe Polymarket’s event-driven knowledge to establishments worldwide, with collaboration on tokenization additionally on the desk.

The deal lands as Polymarket readies a regulated U.S. relaunch by way of its acquisition of QCX/QC Clearing and a CFTC no-action letter that clears near-term itemizing mechanics.

🗣️ What They’re Saying

“We’re excited to announce that Intercontinental Change (ICE) — the guardian firm of NYSE, is making a $2b strategic funding at a $9b post-money valuation. Collectively, we’re constructing the subsequent evolution of markets.” – Polymarket on X

“Our partnership with ICE marks a serious step in bringing prediction markets into the monetary mainstream. However along with that, it’s a monumental step ahead for DeFi. ICE is the one remaining founder-led alternate firm, and Jeff is all-in on using his belongings, together with NYSE, to usher in a brand new monetary period of tokenization. We’re humbled to be working collectively on this endeavor. ICE may also start distributing Polymarket knowledge to hundreds of economic establishments world wide. There may be a lot to construct if you mix the drive of ICE’s institutional scale and credibility with Polymarket’s client + cultural savvy and distribution.” – Shayne Coplan on X

“The polymarket story is fascinating as a result of it forces you to consider in one thing. It’s in all probability the primary time (after stables) that we see a primitive break by means of to the mainstream and outline a brand new market class.” – X person Joel John

🧠 Why It Issues

ICE operates one in all finance’s largest knowledge pipes (the ICE International Community / ICE Consolidated Feed), which aggregates and distributes content material from 600+ world sources to banks, asset managers, ISVs and terminals.

Placing Polymarket’s odds into that cloth means actual distribution.

Brokers, quant desks, danger methods, and analytics platforms all seeing reside occasion chances subsequent to equities, charges and FX, powered by Polymarket.

Add Polymarket’s Stocktwits tie-up for retail attain, and also you’ve bought institutional and client channels lighting up without delay.

That is much less “betting web site will get money” and extra data market turns into an asset-class knowledge feed.

Mix this partnership with the anticipated US app launch any day now, and Polymarket appears to be like to be on a mega-upwards trajectory.

And $9B could also be very low-cost in hindsight…

🌎 Macro Crypto and Memes

A number of Crypto and Web3 headlines that caught my eye:

• Crypto majors are purple however rebounding after an enormous Tuesday selloff; BTC -1% at $123,000, ETH -4% at $4,500, BNB +1% at $1,313, SOL -4% at $221
• CAKE (+5%), SPX (+4%) and MNT (+4%) led prime movers
• Gold hit a brand new ATH at $4,070 in a single day as its run accelerates
• The BTC ETFs have seen $5.3B in internet inflows over the previous 7 periods
• Deutsche Financial institution mentioned it expects each Bitcoin and gold to grow to be a part of central financial institution reserves by 2030
• Polymarket secured as much as $2B from NYSE proprietor ICE, placing valuation close to $9B and unlocking institutional knowledge distribution forward of a U.S. push
• SEC Chair Paul Atkins mentioned that their formal “innovation exemption” might be finalized by finish of yr
• The S&P Dow Jones is ready to debut Digital Markets 50 Index mixing 15 cryptocurrencies with 35 crypto-linked equities, with companion Dinari issuing an on-chain tracker token
• The American Labor Union warned that the Senate Crypto Invoice lacks employee protections and provides solely “the facade of regulation”
• In the meantime raised $82M led by Pantera and Haun Ventures for its Bitcoin life insurance coverage product

In Company Treasuries / ETFs

• CEA Industries revealed a 480,000 BNB treasury now price ~$611M, because it appears to be like to grow to be the main BNB DAT
• Dogecoin treasury agency CleanCore lifted its holdings above 710M DOGE (~$182M) and plans to amass 1B+
• The TRUMP token deployers plans to boost $200M for a TRUMP DAT

In Memes

• Memecoin leaders are principally purple; DOGE -4%, Shiba -4%, PEPE -6%, PENGU -5%, BONK -4%, TRUMP -4%, SPX +6%, and FARTCOIN -13%
• BNB memes soared once more led by 币安人生 which hit $500M (+120%) and 4 (+37% to $208M); new runner BSC soared 10x to $12M
• BubbleMaps reported that 70% of BNB wallets are in revenue buying and selling BNB memes

💰 Token, Airdrop & Protocol Tracker

Right here’s a rundown of main token, protocol and airdrop information from the day:

• Monad’s MON token began buying and selling on Hyperliquid pre-market, opening at a $15B fdv
• YZi Labs introduced a $1B Builders Fund to assist founders within the BNB ecosystem
• Rug Radio introduced that’s has formally deprecated its Rug Radio NFTs and RUG token and {that a} snapshot has been taken for conversion of these belongings into the upcoming $MYR token
• Arbitrum introduced one other Kaito Earn season with 700k ARB ($310,000) up for grabs

🚚 What is going on in NFTs?

Right here is the listing of different notable headlines from the day in NFTs:

• NFT leaders had been principally purple; Punks +1% at 48.4 ETH, Pudgy -4% at 9.5, BAYC -2 at 8.81 ETH; Hypurr’s -5% at 1,260 HYPE
• Moonbirds Mythics (+10%) had been notable prime movers
• Punk Technique fell one other 30% on the day to $130M, as founder Rhynotic did announce a brand new cadence of releases beginning subsequent week
• Ache Technique (PAINSTR) debuted, working as excessive as $5M at peak earlier than settling at $3M forward of in the present day’s CheckSTR launch
• XCOPY ‘Final Selfie’ version of 10 reportedly bought for $2.6M + a Hoodie Punk (~$3.5M)
• The FWOG artist Groowut teased a brand new NFT mint coming quickly on OpenSea