Deals
Polymarket paid $112 million in 2025 to re-enter US market via QCEX acquisition
A recent X post by Laura Shin references Katherine discussing Polymarket's 2025 acquisition of QCEX (a CFTC-licensed DCM) for $112 million to re-enter the US market. The post notes Polymarket is crypto-native but fundamentally different from Kalshi in many ways. No new deal terms disclosed.
Why this matters?
The $112 million price tag for a DCM sets a benchmark for what crypto-native platforms must pay to secure CFTC-regulated status, and signals Polymarket executed its US compliance strategy through acquisition rather than de novo registration.
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