Crypto Exchanges
By James Thorp
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Revenue Numbers That Demand Attention. Kalshi's annual revenue has crossed $2 billion. That puts it in uncomfortable proximity to some…
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Who's Actually Using These Platforms. Here's the part that probably surprises people. A Bitget Wallet study of 857,000 active Polymarket…
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The Event Dependency Problem. But it does raise a question nobody's fully answered yet. What happens when the big events stop?
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Kalshi just crossed $10 billion in weekly notional volume. First time ever. The milestone landed during the FIFA World Cup, and the timing wasn't a coincidence — it's basically…
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Within the first eleven days of the tournament, Kalshi processed $2.9 billion in World Cup trades alone.
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Kalshi's annual revenue has crossed $2 billion. That puts it in uncomfortable proximity to some pretty established financial players, and it's forcing a real valuation debate.
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Polymarket's numbers are moving fast too. The platform reported over $1 billion in annualized revenue shortly after launching its US exchange. And the sector as a whole?
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Here's the part that probably surprises people. A Bitget Wallet study of 857,000 active Polymarket users found that 60% had zero prior on-chain trading history before they landed…
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And once they got there, they stayed active. Those users averaged 1,194 interactions on the platform over 90 days.
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Toni Gemayel, Coinbase's Head of Prediction Markets, put a number on the behavioral split. About 1% of users treat prediction markets the way they'd treat any other financial…
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Read also: Polymarket Eyes Japan by 2030 as Miraima Hits 1 Million Users on Points Model
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That's not a criticism. It's actually probably the whole business model.
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The World Cup runs every four years. Elections cluster. March Madness is one month. If 60% of your user base has no prior trading history and came specifically because a major…
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So the platforms are kind of caught in an interesting bind. Their growth story is real, the revenue is real, the volume records are real.
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Read also: Fundstrat Strategist Tells Crypto Holders to Sit Tight Through Market Chaos
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