coindesk.com
Donald Trump Jr's venture capital firm 1789 Capital is leading a $1 billion funding round in Polymarket that values the prediction market at $21 billion, a spokesperson for the firm said Monday.
The firm is contributing about $300 million, spokesperson Alexa Henning said, on top of roughly $200 million it had already invested. Polymarket was last valued at about $15 billion, meaning the round lifts it 40% in a matter of months.
Polymarket and rival Kalshi let users bet on outcomes ranging from what a president says in a speech to who gets married on a reality show, and both have grown sharply over the past year.
The Trump family's stake in the sector has grown alongside it. Trump Jr became an adviser to Kalshi in 2025 and received shares worth more than $300,000, and separately advises Polymarket.
President Donald Trump has moved in the industry's favour over the same period. Michael Selig, his appointee to run the Commodity Futures Trading Commission, which regulates prediction markets, has praised the companies and sued states attempting to regulate them.
In May, the president wrote on Truth Social that prediction markets would thrive under his leadership.