Donald Trump Jr., through the venture firm 1789 Capital, invested multi-million sums in the blockchain-based prediction market platform Polymarket and joined its advisory board, while since January 2025, he has been serving as an advisor to the competing platform Kalshi, raising questions about potential conflicts of interest.
Deal details
Investments are made through 1789 Capital, a firm partnered with Trump Jr.; according to Axios, this involves 'double-digit millions of dollars', and Polymarket itself is valued at around $1 billion amid a $200 million funding round led by Peter Thiel's Founders Fund.
As part of the deal, Trump Jr. will join the advisory board of Polymarket, enhancing the political-media capital of the platform during its expansion and preparation for entering the regulated US market.
Context: connections with Kalshi
In January 2025, Trump Jr. became an advisor to Kalshi — a licensed prediction market platform in the US, directly competing with Polymarket for users and regulatory attention, which creates a risk of overlapping interests.
Against the backdrop of increasing competition for the US market and regulatory clarity, the involvement of the same public figure in both platforms may become a subject of additional questions from observers and the media.
Regulatory agenda and strategy of Polymarket
Polymarket historically blocked users from the US due to CFTC claims and a $1.4 million fine in 2022, however, in July 2025, the company acquired the licensed CFTC derivatives exchange QCEX, paving the way for a legal return to the US.
In the US elections, the platform recorded a sharp increase in activity; the volume of bets and traffic metrics are highlighted, strengthening the positioning of prediction markets as a more 'rapid' indicator of expectations compared to polls.
What does this mean for the market
The deal enhances the capitalization and public recognition of Polymarket amid the 'legalization' of the segment and increased investor interest in prediction markets ahead of the US election cycle.
For Kalshi, the news means an intensification of competitive dynamics: the flow of expertise and attention involving the same advisor may increase scrutiny from regulators and the media regarding the corporate governance of both platforms.