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Kalshi Raises $1B at $22B Valuation: Report

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Kalshi Raises $1B at $22B Valuation: Report

The deal doubles the valuation from Kalshi’s previous round in November.

CFTC-regulated prediction market platform Kalshi is raising around $1 billion at a $22 billion valuation in a new funding round, according to multiple reports. The new round is led by Coatue Management, per The Wall Street Journal, which was first to report the news on Thursday. March 19.

The deal doubles the valuation from Kalshi’s previous round in November, which also raised $1 billion, but at an $11 billion valuation, as The Defiant reported.

A person familiar with the matter told Bloomberg yesterday that Kalshi’s annualized revenue stands at $1.5 billion.

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The latest raise marks an 11x valuation from less than a year ago. Last June, Kalshi raised $185 million at a $2 billion valuation, led by Paradigm, followed by a $300 million raise in October at $5 billion.

Regulatory Questions

The raise comes despite regulatory hurdles in the U.S., as Kalshi remains embroiled in several lawsuits with U.S. state gambling regulators. The ongoing battle between prediction market platforms like Kalshi and state regulators centers on the question of whether state or federal regulators are responsible for the oversight of these platforms.

Kalshi is licensed by the Commodity Futures Trading Commission’s (CFTC), and thus argues it should be subject to federal oversight, without requiring licensing on a state by state basis.

The Trump administration’s CFTC has vocally backed the company’s position that its contracts fall under federal jurisdiction. Last week, the agency launched a sweeping review of prediction markets and issued an advance rulemaking notice and a staff advisory.

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Just yesterday, the same day the fundraising news came out, a U.S. federal appeals court denied Kalshi’s emergency motion to block a potential temporary restraining order from the state of Nevada. The court decision clears the way for Nevada state regulators to seek a temporary ban on Kalshi’s operations there.

Earlier this week, Arizona hit the company with 20 criminal counts accusing it of operating an illegal gambling business and offering election wagering. At least nine other states have taken some form of legal action against Kalshi, with outcomes so far split across jurisdictions, ESPN reported.

Prediction Market Sector

Kalshi sees an average of more than $30.5 million in trading volume daily, per data from KalshiData. Meanwhile, on-chain prediction market Polymarket continues to lead the sector by volumes, consistently seeing over $150 million in daily trading volume in the past month, per data from TokenTerminal.

Last year, monthly prediction market volumes grew 130-fold from early 2024, making the sector one of the fastest-growing in finance, as The Defiant reported previously.

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Polymarket received CFTC approval to operate in the U.S. in November 2025, backed by a $2 billion strategic investment from Intercontinental Exchange. Polymarket has also reportedly been exploring a raise at roughly a $20 billion valuation, meaning Kalshi’s new mark would put it modestly ahead of its rival on paper.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

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Crypto World

Electric Capital Maps 501 Real-World Yield Sources, Finds 93% Untouched by DeFi

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Electric Capital Maps 501 Real-World Yield Sources, Finds 93% Untouched by DeFi

A new taxonomy from the venture firm identifies seven barrier clusters keeping most traditional yield sources off-chain, and argues that stablecoin growth is pulling them closer.

Electric Capital published a research report on Monday, cataloging 501 distinct sources of real-world yield and cross-referencing them against tokenized assets with meaningful on-chain traction today.

The venture firm found that only 34 of those yield sources have any on-chain presence above $50 million, and they cluster in familiar territory: U.S. Treasuries, private credit, corporate bonds, and non-U.S. sovereign debt.

The remaining 93% fall into seven groups defined by what’s blocking tokenization, ranging from legal structuring challenges for asset-backed securities to real-world integration hurdles for commodities and compute infrastructure.

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Distribution is the Bottleneck

Perhaps the report’s sharpest observation concerns distribution. Of 35 yield-bearing non-stablecoin RWAs above $50 million, only two have crossed 2,000 holders. While some of that is by design — BlackRock’s BUIDL requires a $5 million minimum — the data underscores how dependent most tokenized assets remain on a handful of large deployers and vault curators.

The report highlights how Centrifuge’s JAAA, a tokenized AAA CLO that held $743 million at the time of data collection, lost 44% of its value in a single day on March 9 after Sky’s Grove protocol redeemed $327 million in one transaction.

BlackRock’s BUIDL faces a similar dynamic: its top 10 holders control 98% of supply, and those holders are largely other protocols — Ethena, Ondo, and Sky.

What Comes Next

Electric Capital argues five compounding forces will pull new asset types on-chain: a growing stablecoin base with diversifying yield preferences, competition among protocols for differentiated products, vault infrastructure that absorbs duration risk, tranching layers that expand buyer bases, and leverage loops that multiply demand for collateral-eligible assets.

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The firm also flagged AI infrastructure spending — projected by Goldman Sachs to exceed $500 billion in 2026 — as a catalyst, noting that GPU leasing, data center construction, and energy contracts are natural candidates for on-chain financing.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

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Google Threat Intelligence Sounds Alarm on Latest Crypto Malware Threat

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Malware, Cybercrime, Cybersecurity, Hacks

Google Threat Intelligence has identified a new form of crypto-stealing malware called “Ghostblade” that affects Apple iOS devices and is part of the “DarkSword” suite of browser-based malware tools designed to steal private keys and other sensitive information.

Ghostblade is written in JavaScript and designed for rapid data theft. The crypto-stealing malware activates, grabs sensitive data from the compromised device, and relays it to malicious servers, according to Google Threat Intelligence.

The Ghostblade malware does not run 24/7 on the compromised device, does not require extra plug-ins to function, and stops functioning after extracting data, making it more difficult to detect, the threat researchers said.

Malware, Cybercrime, Cybersecurity, Hacks
A timeline of the evolving malware threats targeting Apple iOS devices and the cybersecurity patches released to address the threats. Source: Google Threat Intelligence

The malware also includes code that deletes crash reports from the compromised device, preventing Apple from receiving them and flagging the malicious software.

Ghostblade can access and relay messaging data from the iMessage texting application for Apple devices, Telegram and WhatsApp.

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The malicious software can also steal SIM card information, identity, multimedia and geolocation data, and access system settings, according to the Google cybersecurity report.

Malware, Cybercrime, Cybersecurity, Hacks
A list of sensitive data that can be stolen by Ghostblade malware. Source: Google Threat Intelligence

DarkSword and its components are one of the latest cybersecurity threats identified by Google Threat researchers, shedding light on the evolving methods used by malicious actors to steal crypto and other valuable data from unsuspecting users.

Related: Google uncovers iOS exploit kit used in crypto phishing attacks

Hacks fall in February as malicious actors pivot to exploiting human error

Losses from crypto hacks fell to $49 million in February, a sharp decrease from $385 million in January, according to blockchain intelligence platform Nominis.

This drop reflects a pivot from code-based cyber threats to crypto phishing attempts, wallet poisoning attacks and other threat vectors that take advantage of human error, Nominis said in its report.

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Malware, Cybercrime, Cybersecurity, Hacks
Private users bore the brunt of hacking, phishing, and other crypto-theft attempts in February. Source: Nominis

Phishing attempts typically use fake websites designed to look legitimate. These fake websites often use URLs that are nearly identical to the legitimate sites they masquerade as, tricking users into visiting them.

These sites embed malware that can steal crypto private keys and other valuable data when a user accesses the site or clicks any of its elements. 

Magazine: WazirX hackers prepped 8 days before attack, swindlers fake fiat for USDT: Asia Express