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Investing.com -- Shares of Intercontinental Exchange, owner of the New York Stock Exchange (NYSE), are climbing more than 4% in Tuesday’s pre-market trading following a Wall Street Journal report about a potential investment in Polymarket.
According to the report, Intercontinental Exchange is close to acquiring a $2 billion stake in the cryptocurrency-based prediction market. The deal could be announced as early as Tuesday.
The investment is expected to value Polymarket between $8 billion and $10 billion. Polymarket, headquartered in Manhattan, New York City, operates a platform where users can place bets on various future events including economic indicators, weather patterns, awards, and political and legislative outcomes.
If confirmed, the stake would represent the first significant move for the NYSE owner into the cryptocurrency and prediction market space.