Patience Pays Off: Polymarket's Delayed Token Fuels $15B Valuation Surge

Prediction Market Giant Polymarket Gears up for Token Airdrop and VC Windfall

Prediction market platform Polymarket is preparing to launch a native token and distribute a significant airdrop to users following its reentry into the U.S. market, according to Chief Marketing Officer Matthew Modabber. Speaking on the Degenz Live podcast, Modabber confirmed the plans, emphasizing that the token will be released only after the company solidifies its U.S. operations, which were suspended in 2022 due to regulatory uncertainty, according to a Yahoo Finance report. The CMO noted the token's design will prioritize "real utility, longevity, and permanence," mirroring the approach taken by platforms like Hyperliquid, Modabber told Blockworks.

The U.S. relaunch, a regulatory milestone, hinges on Polymarket's acquisition of QCX, a Commodity Futures Trading Commission (CFTC)-registered derivatives exchange, for $112 million earlier this year, as reported by Yahoo Finance. A regulatory filing indicated the platform could launch as early as October 2, 2025, per the same Yahoo Finance coverage. Modabber stressed that the company is focused on "making a big splash" in the U.S. before shifting attention to the token. This strategy aligns with the platform's recent surge in activity: trading volumes hit $20 billion as of October 2025, with $6 billion added in the first half of the year alone, WalletInvestor reported.

The token, tentatively named POLY, will be distributed via an airdrop, with rewards likely tied to user trading volume. Modabber hinted at a model that prioritizes "genuine users" over speculative farming, ensuring fairness for long-term participants, Coinpedia reported. Analysts speculate that 5–10% of the total supply will be allocated to the airdrop. This approach mirrors strategies used by platforms like MetaMask and OpenSea, which reward active communities.

Polymarket's valuation has skyrocketed amid its growth. Coindesk reported that Bloomberg said the company is in early talks to raise funds at a $12–$15 billion valuation, a tenfold increase from its $1 billion valuation in June. Institutional backing has been pivotal: Intercontinental Exchange (ICE), parent of the New York Stock Exchange, agreed to invest $2 billion at a $9 billion valuation, Coinpaper reported. Earlier this year, Founders Fund led a $200 million round valuing Polymarket at $1 billion, according to Coindesk.

The platform's expansion is also gaining mainstream traction. It signed multiyear licensing deals with the National Hockey League (NHL) and will serve as a clearinghouse for DraftKings' potential prediction market, according to Coinpaper. Meanwhile, rival Kalshi, which recently raised $300 million at a $5 billion valuation, is also attracting investor interest, with offers valuing it at $10–$12 billion, TradingView reported. Both platforms are capitalizing on a surge in prediction trading, with weekly volumes exceeding $2 billion in October, CryptoNews Australia reported.

Modabber's remarks underscore Polymarket's disciplined approach: "Why rush a token if we need to prioritize the U.S. app?" (Modabber told Blockworks). This strategy has resonated with investors, who see the platform as a bridge between traditional finance and blockchain innovation, Coinpedia reported. With regulatory hurdles cleared and institutional support growing, Polymarket's token and airdrop could cement its role as a leader in the prediction market space.