Mentioned:
Galaxy Digital wants to be the leading institutional counterparty for something new: prediction markets.
What’s happening:
- Galaxy Digital (NASDAQ: GLXY) has launched a new institutional trading desk for prediction markets trading for hedge funds, family offices and institutions to be able to access predict market liquidity in larger size
Why it matters:
- This is the first time ever that Galaxy Digital has rolled out a dedicated institutional OTC trading desk that is solely focused on providing deeper liquidity and easier access for large investors to deploy capital into prediction markets
Going deeper:
- Crypto hedge fund Arca has already used Galaxy Digital’s institutional trading desk for prediction markets to execute a $10M USD trade based on the outcome of the CLARITY Act
- Galaxy Digital has publicly stated they plan to bundle specific bets on economic, political and policy outcomes with other asset classes including commodities and equities to provide one integrated risk trade for their clients that is based around a single event
The intrigue:
- Prediction markets have also continued to get more seamlessly integrated with traditional brokerages lately, including Interactive Brokers ((NASDAQ: IBKR) just recently launching prediction market contracts directly within their trading platform as part of their partnership with Kalshi
