Kalshi Revenue, Valuation, Funding & Investors

Founded in 1998 and headquartered in New York City, Tradeweb Markets is a leading fixed-income trading platform. While it does offer electronic processing for some voice-negotiated trades, the company focuses primarily on providing electronic trading networks that connect broker/dealers, institutional clients, and retail customers. While the company offers trading in a wide variety of products, the bulk of its business is in US and European government debt, mortgage-backed securities, interest-rate swaps, and US and international corporate bonds. The firm also sells fixed-income trading and price data, primarily through a deal with Refinitiv’s Eikon service.

Clear Street is a New York-headquartered financial services firm modernizing brokerage clearing and custody. Founded in 2018, the company built a cloud-native platform handling equities, options, fixed income, and futures across global markets. The system supports multi-currency settlements and real-time risk management for institutional clients. Clear Street replaces legacy mainframe infrastructure with scalable AWS-based technology. The firm serves hedge funds, market makers, and prime brokers in the United States and Europe.

Euroclear is a Brussels-based financial market infrastructure group that settles and holds securities for banks, brokers and asset managers worldwide. It operates Euroclear Bank, the international central securities depository used for Eurobonds and cross-border trades, and national central securities depositories in Belgium, Finland, France, the Netherlands, Sweden and the United Kingdom and Ireland, alongside collateral management, fund distribution and asset servicing. At the end of 2024 it held EUR 40.7tn of assets under custody. In 2024 underlying operating income rose 5% to EUR 2,899m, including EUR 1,748m of business income, and underlying net profit reached a record EUR 1,038m. The group earns fees on settlement, custody and collateral services plus interest income on client cash balances. Its shareholders include market participants and public investors such as the Belgian state holding SFPI-FPIM, Caisse des Depots and the New Zealand Superannuation Fund. Euroclear was founded in Brussels in 1968 by Morgan Guaranty Trust to settle Eurobond trades.

Allfunds is a fund distribution platform connecting fund houses and distributors, creating a single access point for both sides to gain a wider reach with regard to assets under administration and fund variety, respectively. As of 2024, Allfunds had EUR 1.6 trillion in assets under administration stemming from about 860 distributors on its platform. In return, distributors gained access to about 156,000 funds from 3,300 different fund houses. Allfunds also provides ancillary services to both fund houses and distributors, covering the marketing, distribution, legal, regulatory, as well as data and analytics needs arising in the fund distribution space. Allfunds derives the majority of its revenue from Italy, Spain, and France.

StoneX Group Inc is a brokerage and financial services firm. Its service offerings are execution, OTC / Market-Making, advisory services, payment solutions, market intelligence, Physical Trading and clearing services. The firm operates in four segments: Commercial, Institutional, Self-Directed/Retail, and Payments. Its customers include governmental and nongovernmental organizations, commercial banks, brokers, institutional investors, and investment banks. The company operates in the United States, South America, Europe, the Middle East and Asia, and other countries, out of which the majority of revenue is generated from the Middle East and Asia Region.

Founded in 2000, MarketAxess is a leading electronic fixed-income trading platform that connects broker/dealers and institutional investors. The company is primarily focused on credit based fixed income securities with its main trading products being US investment-grade and high-yield bonds, Eurobonds, and Emerging Market corporate debt. Recently the company has expanded more aggressively into Treasuries and municipal bonds with the acquisitions of LiquidityEdge and MuniBrokers in 2019 and 2021, respectively. The company also provides pre- and post-trade services with its acquisition of Regulatory Reporting Hub from Deutsche Börse Group in 2020 adding to its product offerings.

BM&F is the Brazilian Mercantile and Futures Exchange, a derivatives exchange based in Sao Paulo that lists futures and options on interest rates, currencies, indices and commodities. It was founded in 1985 as a member-owned exchange and demutualised in 2007 as part of a conversion to a for-profit company. The exchange also operated clearing services for the contracts traded on it. In 2008 it merged with the Bovespa Holding stock exchange to form BM&FBovespa, which was later renamed B3. General Atlantic held about 5 percent of the combined group. The exchange earned fees on contracts traded and cleared, and its customers were banks, brokers, corporations and investors.

Virtu Financial Inc is a financial firm that leverages technology to deliver liquidity to the world-wide markets and transparent trading solutions to its clients. The company's operating segment includes Market Making; and Execution Services. The non-operating segment of the company includes the Corporate segment. The company generates maximum revenue from the market-making segment. The Market Making segment principally consists of market-making in the cash, futures, and options markets across equities, options, fixed income, currencies, and commodities. Geographically, it derives a majority of its revenue from the United States and also has a presence in Ireland and Other Countries.

Pipe is a financial services platform that enables subscription-based businesses to access capital by trading future recurring revenue streams with institutional investors through real-time auctions. Headquartered in San Francisco, California, the company processes transactions for SaaS firms, media publishers, and e-commerce operators seeking non-dilutive funding based on annual contract values. Launched in 2020, Pipe integrates with billing systems like Stripe and Zuora to automate revenue verification and payouts, serving over 5,000 companies globally with a marketplace exceeding $3 billion in tradable revenue by 2023.

Anchorage Digital is a San Francisco institutional digital-asset platform founded in 2017 by Diogo Monica and Nathan McCauley. Its group provides qualified custody, trading, staking, settlement, governance, and token-lifecycle services to institutions through regulated operating entities. Anchorage Digital Bank is a federally chartered digital-asset bank in the United States, while other group companies serve clients in additional jurisdictions. Asset managers, protocols, foundations, corporations, and other professional market participants use the platform to hold and transact crypto assets while applying institutional controls. The company earns fees from custody and related financial and technology services. Its 2025 acquisition of Hedgey added token vesting, allocation, distribution, and grant-management workflows to the product suite.

Saudi Tadawul Group Holding Co provides trading, clearing, and settlement services in securities in the Kingdom of Saudi Arabia. It also provides services related to innovation in technology. The company's segment includes Capital Markets; Post Trade; Data and Technology Services and Corporate. It generates maximum revenue from the Post Trade segment.

LayerZero Labs develops an interoperability protocol for moving data and digital assets across independent blockchain networks. Its software lets asset issuers and application developers build services that communicate across chains without maintaining isolated messaging systems for every network pair. LayerZero uses immutable on-chain endpoints, configurable verification modules and permissionless execution infrastructure to deliver cross-chain messages. Its Omnichain Fungible Token standard allows issuers to deploy assets across multiple networks without fragmenting liquidity. The company also provides Console, an enterprise operating platform through which issuers can configure, manage, monitor and control multi-chain assets. LayerZero serves stablecoin issuers, financial protocols, application developers, wallets, exchanges and other blockchain organizations. Revenue is tied to commercial software, infrastructure services and usage of its cross-chain messaging and execution network.

Paxos is a United States blockchain infrastructure and financial-technology company founded in 2012 and headquartered in New York. The company provides regulated technology for tokenizing, custodying, trading and settling digital assets. Financial institutions and consumer platforms use its application interfaces and operational infrastructure to offer cryptocurrency brokerage, custody and stablecoin services to their own customers. Paxos has issued or supported regulated digital assets including Pax Dollar, Pax Gold, PayPal USD and Global Dollar. It earns fees from infrastructure, custody, issuance, brokerage and transaction services supplied to enterprise clients. At the time of Mercado Libre's investment, customers and partners included PayPal, Interactive Brokers, Bank of America and several global banks. Paxos also powered the Mercado Pago experience that let Brazilian users buy, hold and sell Bitcoin, Ether and the USDP stablecoin from their digital accounts.

Compagnie Financiere Tradition SA is a Switzerland-based interdealer broking firm. It acts as a marketplace and an intermediary and facilitates transactions between financial institutions and other professional traders in the capital markets. Its Financial and non-financial products include bonds, interest rates, index futures, currency and credit derivatives, equities, precious metals, energy and environmental products and others. Its geographical segments are Europe, Middle East and Africa; Americas and Asia-Pacific.

Tradegate AG Wertpapierhandelsbank is a Germany-based company. It is engaged in providing banking and financial services. In addition to retail banking, the company focuses on the trading of several domestic and foreign securities on the Tradegate Exchange, and the Frankfurt and Berlin stock exchanges. The company's main business activity consists of market specialist activities and market making; it acts as a Market Specialist on the Tradegate Exchange and the Frankfurt Stock Exchange and as an order book manager on the Berlin Stock Exchange. It extends its services to the securities listing on the stock exchanges in Munich, Stuttgart, Hamburg, Hanover, and Dusseldorf.

2TM is a Brazilian holding company that owns Mercado Bitcoin and other providers of solutions in crypto and blockchain. The group was born in 2013 and describes its flagship platform as the largest digital asset platform in Latin America, with a base of more than four million clients. Its sister businesses include a digital custodian, an asset tokenizer, an equity crowdfunding platform and an educational arm. SoftBank's Latin America fund led a US$200 million Series B in 2021 that valued the group at US$2.1 billion, followed by a US$50.3 million second closing, and Mercado Libre bought shares in January 2022. In 2021 and 2022 the group bought Par Mais, Portal do Bitcoin, Blockchain Academy, CriptoLoja and Wuzu, and it launched a venture unit, 2TM Ventures, in December 2021. The company is registered in Sao Paulo and in July 2026 announced a Series C first closing of about R$100 million led by Tether.

21Finance is a Zurich-headquartered fintech provider of decentralized platforms for digital asset issuance and trading. Its software enables banks and intermediaries to launch compliant marketplaces for tokenized shares, bonds, funds, security tokens, and cryptocurrencies on secondary markets. Regulated under Swiss financial laws, the solution supports Ethereum-based smart contracts.

Zeta is a San Francisco-headquartered cloud-native banking technology platform enabling financial institutions to launch credit cards, loans, deposits, and digital banking apps. Recognized by Celent in 2023 as a top issuer processing partner for US banks and credit unions, it powers over 25 million cards globally with API-enabled features for processing, fraud detection, loyalty programs, and core banking. The company employs more than 1700 staff, with 70 percent in technology roles across the US, Middle East, Asia, and regional headquarters in Mumbai, India.