Shayne Coplan, founder of the crypto-based prediction market Polymarket, has officially joined the world’s billionaires after a $2 billion investment by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. Bloomberg named Coplan among the youngest self-made billionaires, marking a major milestone for the 25-year-old entrepreneur.
From Dorm Room to $9 Billion Valuation
Coplan launched Polymarket in 2020 after dropping out of New York University at age 21. He worked on the project from his small New York apartment, inspired by economist Robin Hanson’s research on prediction markets. Before Polymarket, Coplan had already explored several crypto ventures, including a staking platform called Union.
Following ICE’s $2 billion investment, Polymarket’s valuation soared to $9 billion. The company’s rise is remarkable given its earlier struggles with US regulators, who banned it from serving American users in 2022.
Regulatory Challenges and FBI Raid
In 2022, the Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for operating as an unregistered exchange, forcing it to block US users. Despite this, the platform gained global traction, particularly during the 2024 US presidential election, when traders on Polymarket correctly predicted Donald Trump’s victory weeks before the vote.
Coplan’s apartment was raided by the FBI in November 2024 amid allegations that Polymarket continued serving US customers. Company representatives called the probe “politically motivated,” arguing that regulators were targeting innovation in the crypto sector.
Return to the US Market
Polymarket’s fortunes changed after Trump’s election and a subsequent regulatory shift in 2025. In September, the CFTC granted Polymarket approval to operate legally in the United States once again.
With ICE’s backing and full regulatory approval, Polymarket now stands as a key player in the evolving prediction market industry—transforming from a once-banned platform into a $9 billion success story.
