Key Points
- •Galaxy Digital is reportedly in talks with prediction markets Polymarket and Kalshi regarding potential market-making roles.
- •No official confirmations have been provided by the involved parties as of November 25, 2025.
- •Polymarket's Total Value Locked (TVL) remains stable, showing no indication of an immediate influx of institutional liquidity.
Market-Making Discussions Underway
Galaxy Digital, led by CEO Mike Novogratz, is reportedly engaged in discussions with prediction markets Polymarket and Kalshi concerning potential market-making involvement. These conversations suggest a possible expansion of institutional partnerships within the prediction market sector. As of November 24–25, 2025, Novogratz indicated that there were no official statements referencing these discussions on his social media feeds.
Key individuals from Galaxy Digital, Polymarket, and Kalshi are involved in these exploratory talks. However, no concrete actions have been taken, and no formal agreements or public announcements have been made to support these reports.
Current Market Conditions Show No Immediate Impact
The rumored discussions have not yet led to any discernible changes in the market. Polymarket's Total Value Locked (TVL) has remained steady, with no unusual patterns or significant capital inflows observed. Market analysts and community members continue to engage in speculation due to the absence of official statements from the parties involved. Consequently, no notable financial shifts or strategic realignments have emerged from this unverified information.
Historical Precedents of Liquidity Enhancement
In the past, market-making engagements, such as the involvement of Wintermute, have successfully boosted Total Value Locked (TVL) and institutional liquidity within the crypto space. The current situation, however, remains unverified and cannot be directly compared to those historical outcomes. Should market-making partnerships be officially confirmed, they could potentially lead to outcomes similar to past cases, marked by substantial liquidity increases and heightened industry participation.