Donald Trump Jr.-linked investment firm 1789 Capital is investing about $300 million in PolyMarket, a blockchain-based prediction market.
1789 Capital, in which Donald Trump Jr. is a partner, will invest $300 million as part of a $1 billion round that will value Polymarket at $21 billion, people familiar with the matter said. to say Monday’s Wall Street Journal.
The investment will bring 1789 Capital’s total investment in PolyMarket to nearly $500 million and make it one of the largest backers of the platform.
Cointelegraph has contacted 1789 Capital and Polymarket for comment.
ICE remains Polymarket’s largest disclosed investor. In a July 30 10-Q filing, ICE said It invested a combined $1.6 billion in Polymarket preferred shares. The holdings had a carrying value of approximately $2 billion as of June 30 and represented approximately 22% of outstanding shares, or 14% on a fully diluted basis.
Polymarket began talks to raise $400 million in new capital in April, when it was looking to raise funds at a potential $15 billion valuation, below the $22 billion valuation of its main rival, Kalshi.
Prediction markets are facing increasing regulatory scrutiny in the US and globally. On August 14, JPMorgan Chase reportedly ended a banking relationship with Polymarket over regulatory concerns but said it was interested in a possible underwriting role if Polymarket tried to go public.
More than a dozen states in the United States have taken legal action against Polymarket, Kalshi, or both sports event contracts, while authorities in several countries have blocked or restricted access to Polymarket.
Related: NY Judge Denies CFTC Motion to Stop Enforcement Action Against Kalshi
