Crypto prediction market platform Polymarket is planning to raise $1 billion in a funding round, with 1789 Capital leading a $300 million investment, putting its post-money valuation at $21 billion.

According to Bloomberg, people familiar with the matter have revealed that prediction market platform Polymarket is planning to close a $1 billion funding round, which would give the company a post-money valuation of $21 billion. The round is led by venture capital firm 1789 Capital, where Donald Trump Jr. serves as a partner; the firm plans to contribute roughly $300 million. A Polymarket spokesperson declined to comment. Polymarket was valued at $15 billion during its April funding round, when D.E. Shaw and G Squared joined as new investors. Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, also completed a $1.6 billion investment in Polymarket earlier this year. The new capital will be used to attract more institutional users, and Polymarket is currently seeking regulatory approval to offer margin trading in the U.S. The prediction market industry remains embroiled in regulatory disputes: U.S. states assert their regulatory authority over the sector, while platforms argue oversight should fall to federal derivatives regulators. A U.S. federal appeals court last week issued a ruling favoring state-level regulation. Donald Trump Jr., a partner at 1789 Capital, also currently serves as an advisor to both Polymarket and Kalshi.