Polymarket, the fast-growing crypto prediction platform, has opened its doors to bitcoin deposits, broadening its funding options just as the world’s largest digital asset hovers near record levels.
The company confirmed the update in a terse Oct. 6 post on X: “Bitcoin deposits. Now live.” The move gives users another way to fund their wagers, joining an existing roster of tokens supported across Ethereum, Polygon, Base, Arbitrum, and Solana networks.
The launch comes at a buoyant moment for crypto markets. Bitcoin recently climbed past $126,000 to a new all-time high before settling around $124,115 on Tuesday, according to The Block’s price page—up about 10% over the past week. On Polymarket, a contract asking “What price will Bitcoin hit in October?” shows most traders expecting a $130,000 peak before November.
Polymarket’s expansion of funding methods is another step in its evolution from niche blockchain experiment to mainstream betting venue. The platform allows users to trade on outcomes of real‑world events—from elections and economic indicators to corporate earnings—using digital tokens. Each share represents a “yes” or “no” position on an event, settling at $1 in USDC if correct.
Deposits on Polymarket already include stablecoins such as USDC, USDT, and DAI, as well as ETH and other network‑native assets. Withdrawals can be made in native USDC or its bridged equivalent, USDC.e, depending on user preference and blockchain network.
Founded in 2020, Polymarket has carved out a distinct space in the decentralized finance ecosystem, building a reputation for liquidity and market breadth while operating largely outside traditional gambling jurisdictions. Its user base surged in 2024 as the U.S. presidential race fueled record prediction volumes.
The firm has since moved to deepen its regulatory footing and expand its offerings. It integrated Chainlink oracles to support price‑linked contracts and, after securing limited U.S. clearance this fall, introduced markets tied to corporate earnings. That brought it into more direct competition with New York‑based Kalshi, a federally regulated exchange that recently overtook Polymarket in global trading volume.
While the addition of bitcoin deposits may appear incremental, it comes at a time when liquidity and market access remain key battlegrounds in the prediction market space. For traders sitting on record crypto gains, the ability to move BTC directly into Polymarket without first converting into stablecoins could simplify participation—and potentially boost turnover on high‑profile markets like the bitcoin price bets now dominating the platform’s leaderboard.
Polymarket and rival Kalshi are reportedly seeking fresh capital raises at valuations of $9 billion and $5 billion, respectively. The Information reported that Polymarket entertained offers valuing it as high as $9 billion—up sharply from its $1 billion raise earlier this summer. Business Insider separately said at least one investor floated a term sheet valuing Polymarket at $10 billion.
Kalshi, meanwhile, is said to be nearing a new round at a $5 billion valuation, more than double the $2 billion figure from its last raise just months ago. If completed, both raises would mark an extraordinary re‑rating for the sector, reflecting growing investor conviction in prediction markets as mainstream financial products.
Despite similar headlines, Polymarket and Kalshi operate with distinct models. Kalshi is a CFTC‑regulated U.S. entity, requiring dollar deposits and traditional KYC, positioning itself as a compliant, institutional‑ready exchange. Polymarket, by contrast, runs on Polygon with USDC settlement, allowing pseudonymous participation and global reach. It has been given the green light to relaunch in the U.S. by the CFTC, opening the door to regulated growth.
Activity on the two platforms has narrowed, with Kalshi logging $875 million in August trading volume versus Polymarket’s $1 billion. While volumes are similar, their user bases diverge: Kalshi targets regulated retail and institutional flows, while Polymarket thrives among crypto‑native traders seeking broader event coverage.