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BFD Expert Voices - Private Credit

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Donald Trump Jr.'s investment firm, 1789 Capital, is leading a new $1 billion funding round for Polymarket, Axios has confirmed.

The big picture: Prediction markets have expanded beyond elections into sports and other everyday events, putting them in more direct competition with traditional sportsbooks.

That has led to a legal battle over whether they fall under the CFTC's authority as designated contract markets or are subject to state gambling rules.

Driving the news: 1789 will invest $300 million in the round that value Polymarket at $21 billion. The deal was first reported by Bloomberg.

Context: 1789 first invested double-digit millions in Polymarket last August, when the company was valued at just over $1 billion.

The firm invested roughly another $200 million when the company was valued at $15 billion.

Flashback: Polymarket spent nearly four years operating offshore after a $1.4 million settlement with the CFTC over charges that it operated an unregistered derivatives exchange.

It returned to the U.S. market at the end of last year after acquiring QCEX, a CFTC-licensed exchange and clearinghouse that gave it a legal route back into the U.S.

The intrigue: Trump Jr. in 2025 joined Polymarket rival Kalshi as a strategic advisor.

The Kalshi role is a paid position, not reflective of an investment.

Trump Jr.'s 1789 Capital to lead Polymarket's $1B round

Polymarket faces relaxed regulation as it re-enters the U.S.

Donald Trump Jr., Partner at 1789 Capital

1789 Capital partner Donald Trump Jr. Photo: Bridget Bennett/Bloomberg via Getty Images

Donald Trump Jr.&#x27;s investment firm, 1789 Capital, is leading a new $1 billion funding round for Polymarket, Axios has confirmed.The big picture: Prediction markets have expanded beyond elections into sports and other everyday events, putting them in more direct competition with traditional sportsbooks.

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Trump Jr.'s 1789 Capital to lead Polymarket's $1B round

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