Kalshi is targeting Wall Street.

After impacting the sports betting market, the prediction trading platform Kalshi is now challenging traditional exchanges. Following approval from the U.S. Commodity Futures Trading Commission, Kalshi became the first U.S. exchange to launch bitcoin perpetual futures, a type of leveraged contract without an expiration date. With intensified industry competition, this move has caused unease among investors, leading to a decline in the stock prices of major exchanges. Kalshi is valued at $22 billion and aims to build a comprehensive derivatives exchange, with plans to launch more cryptocurrency perpetual contracts. Supporters in the industry believe that compliant perpetual products can bring the vast offshore trading market into the U.S. financial regulatory system.