Key notes
- The fintech platform’s trading volume has increased 200-fold while its user base has grown 20-fold over the past year.
- Kalshi now controls over 60% of global forecasting market activity despite previously only operating in the US.
- The company faced significant regulatory challenges with the Commodity Futures Trading Commission (CFTC) throughout 2024 before expanding internationally.
Kalshi, a fintech platform that facilitates the trading of “event contracts,” recently announced that it is expanding its prediction markets to over 140 countries after successfully raising $300 million in a Series D funding round.
The company’s CEO, Tariq Mansour, said in a post on the Mantis, and Kevin Yorn.
The round led by Sequoia and a16z received participation from Paradigm, Coinbase Ventures, General Catalyst, CapitalG, Spark, Kevin Hart, Kevin Durant, Rich Kleiman, Mantis, and Kevin Yorn.
Back to work.
– Tariq Mansour (@mansourtarek_) October 10, 2025
A new era for prediction markets
According to a press releaseCalcchi was valued at $5 billion during its “significantly oversubscribed” Series D. This brings its value to nearly $3 billion since its launch Series C in June.
The company also says its trading volume has grown 200x in the past year and its user base has swelled 20x. “Calci now accounts for more than 60% of global prediction market activity,” the company says, although it previously operated only in the United States.
Calci appears to have weathered a stormy regulatory environment after a turbulent struggle with the US Commodity Futures Trading Commission (CFTC) throughout most of 2024.
As Coinspeaker reported in September 2024, the head of the CFTC at the time, Rustin Behnam, sought to ban event contracts related to sensitive issues such as gaming, terrorism, and assassinations. Behnam was particularly concerned about risks related to the CFTC’s oversight of election-related contracts.
Behnam left the CFTC in January 2025 as the Trump administration settled. He was replaced by acting CFTC Chairwoman Carolyn Pham. In February, Trump nominated former a16z policy chief Brian Quintenz for the role of chairman of the Commodity Futures Trading Commission (CFTC). However, this nomination was withdrawn in September, amid political controversies involving Tyler Winklevoss.
Josh Sterling, the Milbank attorney who currently represents Calci, has been named as a potential candidate to replace Quintens. According to a recent report from SemaforThe White House is currently examining Sterling, who was a senior official at the Commodity Futures Trading Commission (CFTC) before joining the law firm of Milbank, for chair.
Meanwhile, The Hill reported on October 8 Michael Selig, chief counsel of the SEC’s cryptocurrency task force, has become the front-runner in the race.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to provide accurate and timely information but should not be considered financial or investment advice. Since market conditions can change rapidly, we encourage you to verify the information yourself and consult with a professional before making any decisions based on this content.
Tristan is a technology journalist and editor-in-chief with 8 years of experience covering science, deep tech, finance, politics, and business. Before joining Coinspeaker, he wrote for Cointelegraph and TNW.
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