Shayne Coplan, founder and CEO of blockchain-based prediction market Polymarket, has become the world’s youngest self-made billionaire, according to the Bloomberg Billionaires Index.
The milestone comes after Intercontinental Exchange (ICE) announced on Tuesday that it would invest up to $2 billion in the company at a pre-money valuation of $8 billion. ICE owns the New York Stock Exchange, one of the most powerful financial institutions in the world.
Coplan, now 27, launched Polymarket in June 2020 after spending a year studying how prediction markets could improve decision-making. The platform allows users to bet on real-world outcomes, from elections to sports and economic indicators, using cryptocurrencies.
Polymarket’s breakthrough moment came during the 2024 US presidential election, when users bet over $3 billion on potential outcomes. The scale of participation turned Coplan’s idea from a niche crypto experiment to a global phenomenon.
But the rise was not without setbacks. In 2022, Polymarket paid a $1.4 million fine to settle with the Commodity Futures Trading Commission (CFTC) over allegations that it was offering illegal trading. The company said it blocked American users soon after, although regulators later suspected it was still hosting American traders. A week after the 2024 election, FBI agents raided Coplan’s apartment. The Justice Department dropped the investigation in July, as did the CFTC’s civil investigation.
That same month, Polymarket acquired QCEX, a CFTC-licensed exchange and clearinghouse, giving it legal basis to operate in the United States. The move marked a sharp turn from its early regulatory problems to full legitimacy under US law.
Since then, Polymarket has reshaped the gaming and financial forecasting industries. By combining the transparency of blockchain with the excitement of market-driven prediction, it is attracting both retail and institutional interest.
Rival platforms have taken notice. Kalshi, another prediction market trader, began offering bets through a partnership with Robinhood Markets earlier this year.
