Morning Report | Polymarket seeks funding with a valuation of up to $15 billion; Kalshi's valuation may exceed $10 billion; crypto trading firm FalconX to acquire ETF management company 21Shares
Overview of Important Market Events on October 22整理：Zhou，ChainCatcher
Important News:
- Polymarket is seeking funding with a valuation of up to $15 billion
- Kalshi receives VC interest, valuation may exceed $10 billion
- a16z: Stablecoin annual trading volume reaches $46 trillion, 20 times that of PayPal
- Crypto trading firm FalconX to acquire ETF management company 21Shares
- Three major stock exchanges in the Asia-Pacific region resist listed companies turning to crypto treasury (DAT) firms
What important events have occurred in the past 24 hours?
Polymarket is seeking funding with a valuation of up to $15 billion
According to ChainCatcher, the decentralized prediction market platform Polymarket is seeking a new round of funding, targeting a valuation of up to $15 billion.
Kalshi receives VC interest, valuation may exceed $10 billion
According to ChainCatcher, Bloomberg reports that the prediction market platform Kalshi has received funding invitations from multiple VCs, aiming for a valuation of around $10 billion to $12 billion.
This news comes after it announced a $300 million funding round at a $5 billion valuation a few weeks ago (led by a16z and Sequoia); in June, it raised $185 million at a $2 billion valuation (led by Paradigm). Kalshi has not responded to requests for comment. On the regulatory front, the CFTC has allowed it to launch more contracts, but state-level gambling regulations remain contentious. The company claims its annual trading volume has reached $50 billion; competitor Polymarket received up to $2 billion in investment from ICE, with a valuation of about $8 billion.
Citadel founder Ken Griffin discloses 4.5% stake in Solana treasury company
According to ChainCatcher, Citadel founder and CEO Ken Griffin has filed documents with the U.S. Securities and Exchange Commission (SEC), disclosing his personal ownership of a 4.5% stake in the digital asset treasury company DeFi Development Corp. (DFDV), approximately 1.3 million shares, valued at about $600 million. DFDV primarily focuses on Solana (SOL) asset reserves and is currently the second-largest Solana treasury company. Additionally, Citadel Advisors LLC and its affiliated entities hold about 800,000 shares of DFDV, accounting for 2.7% of the company.
This disclosure makes Citadel one of the major institutional investors in DFDV and marks a further foray into the digital asset space by this traditional financial giant. Documents show that DFDV purchased $117 million worth of SOL within eight days earlier this month and currently holds about 2.19 million SOL, valued at approximately $400 million. Analysts believe Griffin's move reflects that institutional investors are viewing crypto treasuries as a new asset class, despite their valuations still being significantly affected by crypto market volatility.
Google claims quantum advantage may restart, discussions on Bitcoin being threatened
According to ChainCatcher, CoinDesk reports that Google claims its Willow quantum chip has completed a simulation of quantum chaos in about 2 hours, whereas classical supercomputers would take much longer according to research comparisons.
This achievement uses measuring OTCs as a verification benchmark, and researchers say it advances quantum computing in practical applications like Hamiltonian learning. Industry insiders believe it is too early to assess the impact on Bitcoin's cryptographic foundation; Mysten Labs co-founder Kostas Kryptos Chalkias stated, "At least another 10 years."
According to ChainCatcher, U.S. SEC documents show that Hyperliquid Strategies has submitted an S-1 prospectus, planning to raise up to $1 billion, with funds to be used for general corporate purposes, including potential purchases of HYPE tokens.
Federal Reserve's probability of a 25 basis point rate cut in October reaches 97.3%
According to ChainCatcher, reports from Jin10 indicate that CME's "FedWatch" shows a 97.3% probability of the Federal Reserve cutting rates by 25 basis points in October, with a 2.7% probability of keeping rates unchanged. Additionally, the probability of a cumulative 50 basis point cut in December is 95.5%, while the probability of a cumulative 75 basis point cut has dropped to 0%.
According to ChainCatcher, crypto KOL ManaMoon posted that "it's just crazy, the Limitless team transferred 5 million LMTS tokens to a wallet. They finally sold them all in the past few hours, making a profit of $2.3 million, and as the market rebounded, people thought it was finally over, but it wasn't; they transferred another 10 million tokens and immediately continued selling."
a16z: Stablecoin annual trading volume reaches $46 trillion, 20 times that of PayPal
According to ChainCatcher, the report "State of Crypto 2025" released by a16z points out that the crypto market is still expanding and exhibits a feedback loop characteristic of "price---developers---users." Crypto usage is global, but the fastest-growing area of on-chain activity comes from developing countries; developers are most active in multi-chain ecosystems like Ethereum (including L2), Solana, and Bitcoin.
Additionally, stablecoins have become a widely discussed topic, with an annual trading volume reaching $46 trillion, which is 20 times that of PayPal and 3 times that of Visa.
Crypto company Cryptomus fined $126 million by Canadian regulators
According to ChainCatcher, Bloomberg reports that the crypto company Xeltox Enterprises Ltd. (operating under the name Cryptomus) has been fined a historic $177 million CAD (approximately $126 million) by Canada's anti-money laundering agency FINTRAC for thousands of violations of suspicious transaction reporting regulations within a month. This Vancouver-based company provides cryptocurrency trading, payment, wallet, and peer-to-peer transaction services.
FINTRAC CEO Sarah Paquet stated that due to the severity of the violations, the agency "had to take unprecedented enforcement action."
Regulators pointed out that Cryptomus failed to report over 1,000 transactions suspected of money laundering or terrorist financing in July 2024, and during the same period, it did not report over 1,500 transactions involving individual customer receipts of over CAD 10,000 in virtual currency.
Eric Trump: Our love for America and Bitcoin is why we launched American Bitcoin
According to ChainCatcher, Eric Trump, son of Donald Trump, posted on social media, "We love America, we love Bitcoin. That's why we launched $ABTC (the stock code for American Bitcoin)."
Kraken Q3 revenue reaches $648 million, up 114% year-on-year
According to ChainCatcher, Bloomberg reports that the cryptocurrency trading platform Kraken has stated that its third-quarter revenue has doubled as the company prepares for an IPO in the U.S. next year.
According to the statement, Kraken (officially named Payward Inc.) generated $648 million in revenue, a 114% increase year-on-year.
The company defines revenue as GAAP gross revenue minus trading costs. Adjusted pre-tax earnings were $178.6 million, showing significant improvement compared to a slightly negative figure in the same period last year.
According to ChainCatcher, Newswire reports that the special purpose acquisition company Mercer Park Opportunities Corp. (Toronto Stock Exchange code: SPAC.U) has announced that it has signed a definitive business combination agreement with the innovative company Cube Group, Inc. in the hybrid digital asset trading space.
This transaction values Cube at $300 million and is expected to create a publicly listed entity upon obtaining regulatory approval.
The entity plans to spend $500 million to acquire Solana tokens (SOL) reserves before the transaction is completed to enhance liquidity, yield generation, and long-term value creation. After the transaction is completed, the merged company will operate under the name Cube Exchange Inc.
Payment company Modern Treasury acquires stablecoin startup Beam for $40 million
According to ChainCatcher, Fortune reports that payment company Modern Treasury has announced the acquisition of stablecoin startup Beam for $40 million, with a source indicating that this acquisition is an all-stock deal.
Beam, founded in 2022, provides software for banks and other businesses to send and receive stablecoins (cryptocurrencies pegged to underlying assets like the U.S. dollar).
Moonbirds parent company CEO: We are conducting one of the largest transactions in Moonbirds history
According to ChainCatcher, Spencer, CEO of Moonbirds parent company Orange Cap Games, stated that they are conducting one of the largest transactions in Moonbirds history.
On May 31, the blockchain game development studio Orange Cap Games announced that it had acquired Moonbirds, Mythics, and Oddities from Yuga Labs, planning to integrate the series into its expanding Web3 gaming ecosystem.
Crypto trading firm FalconX to acquire ETF management company 21Shares
According to ChainCatcher, crypto trading firm FalconX is planning to acquire the well-known crypto asset ETF management company 21Shares to expand its presence in the crypto financial products and institutional investment space.
If the transaction is completed, it will become one of the largest mergers and acquisitions in the crypto financial industry this year.
Jupiter announces launch of prediction market beta
According to ChainCatcher, Solana ecosystem DEX Jupiter has announced the launch of the beta version of the prediction market Jupiter Prediction Market, supported by liquidity from Kalshi.
According to ChainCatcher, decentralized oracle network APRO has announced the completion of a new round of strategic financing, led by YZi Labs' incubated project EASY Residency, with participation from Gate Labs, WAGMI Venture, and TPC Ventures. The financing amount has not been disclosed. This round of financing will be used to advance APRO's oracle infrastructure in areas such as prediction markets, AI, and real-world assets (RWA).
APRO has previously received investments from Polychain Capital and Franklin Templeton and currently provides oracle services for the BNB Chain and Bitcoin ecosystems.
According to ChainCatcher, Bloomberg reports that three major stock exchanges in the Asia-Pacific region, including the Hong Kong Stock Exchange, are resisting the trend of listed companies hoarding cryptocurrencies as a core business. The Hong Kong Stock Exchange has recently questioned the strategic plans of at least five companies turning to crypto treasury (DAT) firms, citing violations of regulations prohibiting the holding of large amounts of liquid assets. Exchanges in India and Australia have also taken similar stances, providing greater resistance to listed companies transitioning to crypto treasury (DAT) firms.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of October 23, 09:10,
The top five popular ETH tokens in the past 24 hours are: sUSDe, USDe, TAPZI, HYPER, Ethereum Life
The top five popular Solana tokens in the past 24 hours are: SHARKS, SHARKS, Turtle, Meat, USELESS
The top five popular Base tokens in the past 24 hours are: TOSHI, LMTS, ZORA, EURC, BaseState
What are some must-read articles from the past 24 hours?
In 2025, why will digital gold Bitcoin lose to real gold?
Remember the end of 2024, when everyone was writing predictions for assets in 2025.
Stock investors were focused on the S&P and the A-shares, while those in the crypto circle were betting on Bitcoin.
But if someone had told you that the best-performing asset in 2025 would not be Bitcoin, nor anything else, but that "old antique" gold that Gen Z despises, you would have thought they were joking.
But reality is indeed magical.
In the past five years, Bitcoin has outperformed gold nearly tenfold with over a 1000% increase, repeatedly topping the annual strongest asset list. However, by 2025, the script has completely flipped: gold has risen over 50% since January, while Bitcoin has only increased by 15%.
Coinbase's $375 million acquisition of fundraising platform ECHO: self-rescue and gamble
According to official news, Coinbase has acquired cryptocurrency investment platform ECHO for $375 million, marking its eighth acquisition since the beginning of 2025. From integrating the privacy technology project Iron Fish at the start of the year, to taking over the derivatives exchange Deribit and token management platform LiquiFi mid-year, and now ECHO, Coinbase's acquisition scope in the core segments of the crypto ecosystem is expanding.
Behind this series of operations, Coinbase is attempting to shift from a "compliant exchange" to an "asset-side ecosystem platform," building a full-stack ecosystem around asset generation, issuance, and circulation.
The billionaire who emerged from the bathroom: The story of Polymarket's founder
Against all odds, this is a repost by Shayne Coplan, the founder of Polymarket, after receiving a $2 billion investment from the New York Stock Exchange.
At this point, he is already the youngest self-made billionaire in the world, but five years ago, he was a dropout, bankrupt, and curled up in a bathroom betting on an uncertain future.
The term odds originated from Shakespeare's "Henry IV," where it was used as a betting term.
Perhaps it's a wonderful coincidence that Polymarket, as the world's largest prediction market, is not only a platform that uses odds to predict the future, but its founder Shayne Coplan's success is also a story about Against all odds.
Betting on the real world: What are these 8 prediction markets doing?
Recently, the prediction market sector has seen a surge in popularity. At the beginning of October, the parent company of the New York Stock Exchange, ICE, announced an investment of up to $2 billion in Polymarket, with a post-investment valuation of about $9 billion; a few days later, the compliant prediction market Kalshi also completed a $300 million funding round, raising its valuation to $5 billion.
With massive financing, trading volumes on leading platforms like Kalshi and Polymarket have surged, with Kalshi expected to reach an annual trading volume of $50 billion this year, surpassing Polymarket for the first time with over 60% of the global market share.
As the crypto narrative gradually cools and regulatory scrutiny tightens, why is the prediction market being re-highlighted? Has its product form truly undergone a qualitative change? What new generation projects are attempting to break away from the old path of "speculative games"?
Here are eight representative project samples that provide insight into the different orientations of this sector in product design, compliance games, and financing logic.
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