Kalshi Raises $185M at $2 Billion Valuation in Series C

New York – June 25, 2025

Prediction markets startup Kalshi announced on Wednesday raising $185 million at a $2 billion post-money valuation in a Series C funding round. The startup, which achieved “unicorn” status as a result, is deepening its integration with the cryptocurrency industry.

The investment was led by Paradigm, a venture capital firm specializing in cryptocurrency projects. Participating investors included Sequoia Capital, Multicoin Capital, and other firms, alongside individuals like Peng Zhao and capital providers Neo and Bond Capital.

Kalshi gained unicorn status following the funding at a valuation of $2 billion. Prior to this round, the company had secured a $787 million valuation late last year, according to PitchBook data.

Industry Expansion

The investment will support Kalshi’s expansion into cryptocurrency trading features, including growing its technology team and further developing integrations with financial brokers.

Kalshi has previously secured regulatory approval for election-related event contracts – features that have driven significant trading volumes. Its election markets generated over $875 million in volume alone last November, while a similar contract on New York City’s mayoral primary recently attracted more than $16 million.

Crypto Integration

The Series C follows Kalshi’s launch of a Web3 integration with the ZeroHash provider, enabling users to fuel their wagers with four cryptocurrencies: Bitcoin, USDC, Worldcoin, and Solana.

The funding comes amidst increased activity within the prediction markets sphere. Rival platforms like Polymarket and newcomer Myriad Markets continue to capture shares in a segment where robust demand persists.