SEC Filings Mirror dYdX's Pre-Token Move as Polymarket Speculation Rises

The Polymarket founder has sparked speculation about a potential token launch, with recent Securities and Exchange Commission (SEC) filings hinting at "other warrants" tied to the platform's latest fundraising round. These warrants, typically associated with token-linked rights, suggest the company may be preparing to issue a governance or utility token, aligning users and investors under a shared economic model. Polymarket, a blockchain-based prediction market platform, has raised $135 million of a $257 million funding round as of July 2025, bringing its cumulative fundraising to approximately $382 million. A Business Insider report further indicated that the platform is targeting a $10 billion valuation, supported by its U.S. re-entry plans and regulatory compliance efforts.

The platform's SEC filings, filed by its parent company Blockratize Inc., include a category for "Option, Warrant or Other Right to Acquire Another Security," a move mirrored by decentralized exchange dYdX before its token launch. This pattern has led analysts to speculate that Polymarket could reveal its token in early 2026. A token would formalize community incentives, deepen liquidity, and enable new governance mechanisms such as fee shares or staking for dispute resolution. Such a move would position Polymarket to compete more directly with decentralized prediction protocols and enhance user retention in a market where volume has surged to $1 billion monthly.

Regulatory progress has also bolstered optimism. In September 2025, Polymarket secured CFTC approval to resume operations in the U.S., following a three-year hiatus. The company acquired CFTC-licensed derivatives exchange operator QCEX for $112 million in July, enabling its regulated return. Additionally, Polymarket partnered with Chainlink to integrate oracle infrastructure, enhancing the accuracy and speed of asset pricing resolutions. These developments underscore its strategic focus on scalability and trust, critical for a token launch in a highly scrutinized sector.

Partnerships with platforms like Stockwits and Chainlink have expanded Polymarket's reach. The integration with Stockwits allows real-time prediction markets for earnings events, while Chainlink's Data Streams and Automation aim to reduce resolution risk and settlement delays. Such collaborations highlight Polymarket's ambition to dominate the prediction market space, where it competes with platforms like Kalshi, which recently reported $875 million in monthly volume.

A token launch could also trigger a user airdrop, rewarding active participants on the platform. With a total value locked (TVL) of $153 million and $1 billion in monthly trading volume, Polymarket's user base is primed for such incentives. Analysts note that a token would likely deepen liquidity and drive adoption, particularly as prediction markets gain traction in corporate and sports betting contexts. However, the platform must navigate regulatory complexities, including SEC scrutiny of tokenized assets and the need for compliance with federal frameworks like the GENIUS Act.

The potential token issuance aligns with broader trends in prediction markets, which have raised over $216 million across 11 deals in 2025 alone. Polymarket's valuation surge-from $1 billion in June to a projected $10 billion-reflects investor confidence in its ability to innovate within a fragmented market. If launched, the token could redefine the platform's economic model, transforming users into stakeholders and reinforcing its position as a leader in the prediction market ecosystem.