Jump's stake in Kalshi is fixed, while its equity in Polymarket will grow depending on how much trading support it does provide to the exchange's US operations.
Jump Trading, a Chicago-based firm specializing in algorithmic and high-frequency strategies, has reached agreements to take small ownership stakes in prediction market operators Kalshi and Polymarket, Bloomberg reported Monday, citing people with knowledge of the arrangements.
The investment would deepen the proprietary trading giant’s exposure to event-based wagering after it began providing market-making liquidity on Kalshi’s platform.
As reported, the deal with Kalshi grants Jump a predetermined equity share, while its stake in Polymarket will scale up over time with the level of trading capacity Jump contributes in the US.
Kalshi, a CFTC-regulated venue for trading contracts tied to real-world outcomes, secured $1 billion in funding in November 2025 at an $11 billion valuation. Sequoia and Andreessen Horowitz participated in that round.
Polymarket, a blockchain-based platform offering permissionless access to outcome-driven contracts, was estimated to be worth between $12 billion and $15 billion around the same period.
Jump’s interest in wagering platforms predates its crypto market involvement. The firm operated a dedicated sports-betting unit on Betfair until discontinuing it in 2023 and backed Sporttrade through its venture arm, Jump Capital.
Other major trading houses have also moved into the sector. Susquehanna International Group currently supplies liquidity on Kalshi’s exchange.
Coinbase is separately working to build a prediction product using Kalshi’s infrastructure, signaling the growing convergence between traditional trading firms and crypto-native platforms in the event-contract space.
