Kalshi 

What is the Kalshi prediction market?

Kalshi is a US prediction-market exchange where traders buy yes/no contracts on real-world outcomes. The company was founded in 2018 by former financial analysts Tarek Mansour and Luana Lopes Lara and launched publicly in July 2021. Markets on the platform cover elections, economic data releases, weather, sports, and crypto price milestones. Kalshi operates under a Commodity Futures Trading Commission license as a designated contract market. The company is private and pre-token: Kalshi has issued no cryptocurrency.

How does Kalshi trading work?

Kalshi lists event contracts that pay a fixed amount if a stated outcome happens and pay nothing if it does not. Each contract is a binary position on a single question, such as an election result, an economic data print, or a weather threshold. Trades settle automatically against the real-world outcome, and winnings are credited once the event resolves. Kalshi operates this market under federal derivatives oversight as a CFTC-regulated exchange.

Does Kalshi have a token?

No. Kalshi has no token, no ticker, and no on-chain contract on any blockchain. Maximum, total, and circulating supply do not apply because the company has issued no cryptocurrency, and no token sale has taken place. Because no token exists, no vesting schedule or unlock calendar applies to Kalshi. The company's capitalization is conventional venture equity held by its investors. Pages showing a "Kalshi price" are speculative pre-token placeholders, not quotes of a tradable asset.

Is Kalshi publicly traded?

No. Kalshi is a privately held company, and its equity trades on no public stock exchange. The only existing exposure routes are pre-IPO secondary platforms, where existing shareholders' stock changes hands, and a hypothetical future IPO. NYT DealBook reported IPO speculation on October 29, 2026. Kalshi has made no listing announcement, and ownership remains venture equity held by its investors.

Who owns and backs Kalshi?

Kalshi's cap table is undisclosed: no single investor is confirmed above 20% ownership. Per DropsTab fundraising data, Kalshi raised about $4.0 billion across nine disclosed rounds, roughly $3.72 billion in equity plus $300 million in debt. Backers span the company's history from Y Combinator's $150,000 pre-seed in 2019 and Sequoia's $30 million Series A in February 2021 to Paradigm, Andreessen Horowitz, Coatue, CapitalG, Coinbase Ventures, and Morgan Stanley.

What does Kalshi's Series G funding round signal about project maturity?

Kalshi's Series G closed on October 29, 2026, raising $1 billion at a $40 billion valuation. Sequoia Capital and Wellington Management co-led the round, with Morgan Stanley and Baillie Gifford participating. The round caps a valuation climb from $1.5 million in 2019 to $40 billion in seven years. The investor mix signals institutional crossover demand: asset managers such as Wellington and Baillie Gifford now invest alongside the crypto-native venture firms that backed Kalshi's earlier rounds.

Does Kalshi support crypto deposits?

Yes. Kalshi processes crypto deposits and withdrawals through Zero Hash for US and international users. Supported assets are Bitcoin, USDC, Worldcoin, and, since May 2025, Solana. Deposits are subject to a $500,000 limit. Crypto functions as a funding method for the exchange's markets, and Kalshi itself issues none of the supported assets.

What crypto trading products does Kalshi list?

Kalshi's crypto surface consists of trading products on its regulated venue. The exchange lists Bitcoin perpetual futures with up to 6.8x leverage and crypto price prediction markets that settle every 15 minutes or every hour. On October 29, 2026, Kalshi announced planned expansion into leveraged event contracts, perpetuals on individual stocks, and markets trading on compute prices. These products trade against the exchange, and no Kalshi cryptocurrency is involved.

Is there a Kalshi airdrop?

Kalshi has never announced a token or an airdrop. DropsTab lists a "Potential Airdrop" entry for Kalshi, a speculative airdrop-hunt tracking position with no start date, no end date, and no confirmation from the company. Numerous "Kalshi airdrop guide" pages circulate in search results, and several are speculative or outright scam bait. Any Kalshi airdrop claim, wallet-connect request, or token sale should be treated as unofficial or fraudulent unless Kalshi itself announces it through its own official channels.

How is Kalshi regulated?

Kalshi is regulated by the Commodity Futures Trading Commission as a designated contract market, a license received in November 2020. That status makes Kalshi the first federally regulated US exchange dedicated to event contracts. Regulatory exposure remains: litigation over state gambling laws is ongoing, and Massachusetts, Washington, and Nevada have obtained injunctions treating Kalshi's event contracts as gambling. The CFTC is suing states over the classification of these contracts.