Kalshi | Crypto

Kalshi is ending a trader-volume incentive program nearly a year early as scrutiny of activity in its crypto markets intensifies. The prediction-market operator told the Commodity Futures Trading Commission (CFTC) that its Volume Incentive Program will terminate no earlier than Oct. 13, according to a Sept. 28 filing. The program had previously been scheduled to […] The post Kalshi’s $40 billion growth story hits tough questions about its trading volume appeared first on CryptoSlate.

The prediction market was valued at $22 billion in a $1 billion funding round just four months ago, after doubling its valuation from December. Prediction market platform Kalshi is reportedly now in “advanced talks” to raise approximately $1 billion in a new funding round at a valuation of $40 billion. Existing investor Sequoia Capital and Wellington Management are in talks to lead the round, which could include Tiger Global Management and Dragoneer Investment Group, people familiar with the matter told Reuters. It comes after Kalshi closed a $1 billion Series F round in May at a $22 billion valuation, doubling its valuation from December. Read more

The 6th US Circuit Court of Appeals ruled against prediction market Kalshi, siding with Ohio and Tennessee on regulating sports-event contracts under state laws. Prediction market Kalshi lost on appeal when a court ruled that Ohio and Tennessee can regulate sports-event contracts under their state gambling laws. The 6th US Circuit Court of Appeals ruled against Kalshi on Friday when a three-judge panel sided unanimously with Ohio and Tennessee, finding that the prediction market failed to demonstrate its sports-event contracts are “swaps” under the jurisdiction of the Commodity Futures Trading Commission (CFTC). The ruling followed a similar finding from the 9th Circuit Court of Appeals last month, which broke from an April decision by the 3rd Circuit Court of Appeals allowing the company to do business in New Jersey as its appeal process proceeds. Read more

The Sixth Circuit ruled Sept. 25 that Ohio and Tennessee can apply their gambling laws to Kalshi's sports contracts. The court rejected Kalshi's argument that complying state by state would conflict with its duties as a federally regulated exchange, and it pointed to geofencing as a workable way to satisfy both. That second appellate win […] The post Kalshi must lock out state users after major court loss appeared first on CryptoSlate.

Kalshi said nearly $5 billion in similarly sized Ether perpetual trades reflected its liquidity incentive programs and rejected allegations that the activity was wash trading. Prediction markets operator Kalshi said it has not been contacted by the Commodity Futures Trading Commission and does not believe there is any formal examination, after a report that the regulator was reviewing a flurry of trading activity in its Ether perpetual futures market.  On Tuesday, The Wall Street Journal reported that the CFTC is examining a pattern of rapid trades clustered around $5,500, citing a person familiar with the matter. The trading pattern has prompted allegations of wash trading.  The scrutiny comes as Kalshi has reported rapid growth in its perpetual futures business. A week after launching its perpetual futures markets in May, the company told CNBC that trading volume had surpassed $1 billion. Read more

The case between New Jersey authorities and a prediction market company, if accepted by the Supreme Court, could result in clarity for state and federal officials over sports bets. A group of US state lawmakers has filed an amicus brief with the US Supreme Court, urging justices to weigh in on a case between prediction markets platform Kalshi and gaming authorities.  On Tuesday, the National Council of Legislators from Gaming States (NCLGS) filed in the US Supreme Court, supporting New Jersey’s Attorney General and gaming authorities’ petition for a writ of certiorari. The petition, filed on Sept. 2, asked the nation’s highest court to consider New Jersey’s case against Kalshi, potentially resolving whether state authorities or federal agencies have jurisdiction over prediction market companies. In its amicus curiae filing supporting New Jersey’s position, the NCLGS argued that a ruling favoring Kalshi would “[render] states powerless” to regulate sports betting on prediction markets, causing “substantial har...

A trader alleged on X that Kalshi is inflating trading volumes in its ether perpetual futures.

Kalshi’s proposal would bring perpetual futures tied to individual stocks to US traders, as Coinbase and Bitnomial pursue similar products. Kalshi has filed to offer perpetual futures tied to individual US stocks, joining Coinbase in a push to bring crypto-style derivatives to traditional equity markets. The prediction market filed the proposed rule change with the Securities and Exchange Commission and submitted it to the Commodity Futures Trading Commission (CFTC) for approval on Friday. The CFTC has yet to approve the proposal. The proposed contracts would have no preset expiration date and would use periodic funding payments between long and short positions to keep their prices aligned with the underlying stocks. Kalshi said the contracts would be treated as security futures products and cleared through its CFTC-registered clearinghouse, Kalshi Klear. Read more

Solana trades near $101 amid World's prediction market expansion and the upcoming Alpenglow upgrade. Full price analysis and key levels inside. The post First Solana Came For Meme Coins: Now Solana is Coming For Polymarket and Kalshi appeared first on Cryptonews.

The expansion gives institutional and automated traders real-time access to Kalshi’s political markets as election betting activity continues to grow. DoubleZero, a network for high-speed data distribution, has added real-time data from Kalshi’s election and politics markets as prediction market trading picks up ahead of the US midterm elections in November. The expansion adds Kalshi’s election contracts to DoubleZero Edge, which already carries data from the prediction market’s sports contracts and crypto perpetual futures, according to a Wednesday announcement. The feed includes top-of-book and trade data, along with aggregated order book data from Kalshi’s election markets. Andy Ross, head of institutional at Kalshi, said the integration is intended to make political market data easier to incorporate into institutional workflows as expectations shift around election outcomes. Read more

The preliminary injunction lasts until final order, adds a futures broker notice duty and lands amid an appellate split. The post Kalshi faces $500,000 daily fines as Michigan forces sports event contracts offline appeared first on CryptoSlate.

Kalshi’s US web traffic climbed more than 1,500% in less than a year, while trading volume grew even faster and legal scrutiny of its sports contracts intensified. Major prediction market platform Kalshi has seen its US web traffic explode over the past year, underscoring the platform’s rapid growth while regulators and courts scrutinize its expanding event-contract business. Kalshi recorded 15.4 million visits from the United States in July, up about 1,520% from just under 1 million in August 2025, according to Similarweb traffic estimates reviewed by Cointelegraph on Friday. US traffic accounted for nearly 80% of Kalshi’s traffic in July, up from 72.8% in August 2025, showing that its growth has remained heavily concentrated in the country. Read more

Kalshi previously said it had been placed in an “impossible position” after federal authorities directed the company to ignore a Michigan restraining order issued in June. Update (Sept. 3, 9:20 pm UTC): This article has been updated to include a statement from Kalshi. Michigan’s attorney general announced that a state court had ordered a preliminary injunction against Kalshi, blocking the prediction markets platform for residents amid what officials called “sports betting [...] masquerading as an investment opportunity.” In a Wednesday notice, Attorney General Dana Nessel said that the Circuit Court for the 30th Judicial Circuit in Ingham County approved an order blocking Kalshi from offering event contracts to state residents. The company could be fined up to $500,000 per day for violations. Read more

The reported contract could eliminate expiry while leaving traders exposed to an oil market that still closes. The post Kalshi’s new oil contract promises non-stop exposure, but a hidden flaw could expose traders to massive weekend shocks appeared first on CryptoSlate.

Kalshi reportedly plans to file for approval of a WTI crude oil perpetual futures contract that would trade around the clock five days a week without an expiration date. Prediction market operator Kalshi will reportedly seek regulatory approval for a West Texas Intermediate (WTI) crude oil perpetual futures contract that never expires. The contract could be filed with the Commodity Futures Trading Commission (CFTC) as soon as next week, a person familiar with the matter told Bloomberg. It would trade 24 hours a day, five days a week, according to Reuters. If approved, it would be the first oil-linked perpetual futures product to trade on a regulated US platform. Read more

The prediction platform permanently banned George Santos and issued a three-year suspension for Laurie Buckhout after investigations into using insider information on event contracts. Prediction market platform Kalshi announced action against US House of Representatives candidate Laurie Buckhout and ousted Republican lawmaker George Santos over using insider information for trading on event contracts, in one of the first lifetime bans the company has imposed since its launch in 2021.  In separate notices of settlement of disciplinary action announced on Friday, Kalshi’s compliance department said it had permanently suspended Santos from trading on the prediction markets platform and imposed a $71,356 penalty. Buckhout received a three-year suspension and a $2,590 penalty. Both restrictions by Kalshi were made in response to investigations into Santos and Buckhout trading using event contracts that could be manipulated by their own actions. According to the platform, Buckhout, running in North Carolina’s 1st c...

The Form D lists 71 investors and says Kalshi is relying on an exemption that allows certain private offerings without SEC registration. Prediction market operator Kalshi disclosed that $1.12 billion has been sold under a $1.5 billion equity offering that began in April, according to a filing with the US Securities and Exchange Commission (SEC). The Form D, filed Tuesday, lists 71 investors and identifies April 3 as the date of the first sale. About $380 million remains to be sold under the offering. The filing identifies the securities as equity and says Kalshi is relying on Rule 506(b) of Regulation D, an exemption that allows companies to sell securities without registering them with the SEC, subject to certain requirements. Read more

Washington state is cut off for Kalshi customers while the company combats the development in court and its federal regulator keeps pursuing new rules.

Kalshi’s crypto perpetual futures hit $17.98 million in daily open interest, highlighting regulated leverage and risks distinct from prediction markets. The post Kalshi’s Crypto Perpetual Futures Reach $17.98 Million Open Interest appeared first on Cryptonews.

Kalshi must implement initial geofencing by Aug. 19 and a GeoComply multi-source geofencing system by Sept. 2. A Washington state judge has ordered prediction market platform Kalshi to stop offering a broad range of event contracts in the state, rejecting its argument that federal commodities law preempts Washington gambling law. King County Superior Court Judge John McHale barred Kalshi from offering contracts tied to sports, elections, politics, entertainment, culture, tech and science, and “mentions.” Contracts involving commodities, climate, economics and finance are exempt. “We’re holding Kalshi accountable for running an illegal gambling operation,” Washington Attorney General Nick Brown said Thursday on X, citing a recent court ruling.  Read more