1789 Capital’s $300M Bet Values Polymarket at $21B, Per Unnamed WSJ Sources

1789 Capital, the investment firm where Donald Trump Jr. is a partner, is reportedly putting roughly $300 million into a $1 billion funding round for Polymarket that would value the prediction-market platform at $21 billion. The figure comes from the Wall Street Journal, which cited people familiar with the matter, and was carried by both Cointelegraph and CoinDesk on Monday.

That valuation would sit just below the $22 billion mark reported for rival Kalshi. It would also mark a sharp jump from the roughly $15 billion figure Polymarket was seeking when it opened talks in April for a smaller, $400 million raise.

What Is Actually Verified, and by Whom

Here the numbers deserve a note on where they come from. Cointelegraph’s report traces directly to the Wall Street Journal’s unnamed sources; CoinDesk’s headline and summary describe the same $1 billion round, the same $21 billion valuation and the same roughly $300 million check from 1789 Capital. Two outlets published it, but both point back to one underlying source: the WSJ’s anonymous sourcing.

That is not the same as two independent confirmations of the underlying event. It is one primary report, echoed. Neither 1789 Capital nor Polymarket has publicly confirmed the figures; Cointelegraph said it had approached both for comment.

If the $300 million closes as described, it would push 1789 Capital’s total stake in Polymarket to about $500 million, up from a prior position reported near $200 million, making the firm one of the platform’s largest backers.

ICE’s Larger, Disclosed Position

By contrast, the size of Intercontinental Exchange’s stake in Polymarket is a matter of public record, not anonymous sourcing. In a 10-Q filing dated July 30, ICE disclosed a combined $1.6 billion invested in Polymarket preferred shares, with a carrying value of approximately $2 billion as of June 30.

That holding represented about 22% of Polymarket’s outstanding shares, or 14% on a fully diluted basis, making ICE the platform’s largest disclosed investor regardless of how the new $1 billion round is structured.

Regulatory Pressure Still Building

The capital raise lands against a backdrop of tightening scrutiny for prediction markets on both sides of the Atlantic. JPMorgan Chase reportedly cut its banking relationship with Polymarket on Aug. 14 over regulatory concerns, while indicating it would still consider an underwriting role if Polymarket pursued a public listing.

More than a dozen US states have already brought legal action against Polymarket, Kalshi, or both, largely over sports-event contracts. Authorities in several other countries have blocked or restricted access to Polymarket outright.

Read more: Kalshi Issues Its First-Ever Permanent Ban, Targeting George Santos

For now, the $21 billion figure and the $300 million check size stand as reported by the Wall Street Journal’s sources, not as company-confirmed numbers. Any correction or on-record confirmation from Polymarket or 1789 Capital would be the next data point worth tracking.

Sources

• cointelegraph.com
• coindesk.com