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Summary
Kalshi is a federally regulated financial exchange that allows users to trade on the outcomes of real-world events—from sports and elections to economic indicators and cultural moments. By turning uncertainty into a tradable asset class, the company is building the first large-scale, regulated prediction market platform in the United States.
Founded in 2018, Kalshi sits at the intersection of finance, technology, and sports engagement—creating a new category where forecasting meets market infrastructure.
Background
Kalshi operates a marketplace where users buy and sell “event contracts,” positions on whether a specific event will occur. Contracts are priced based on probability and settle at $1 if the prediction is correct.
Regulated market infrastructure: Kalshi is the first prediction market exchange regulated by the Commodity Futures Trading Commission, positioning the company as a compliant and transparent alternative to traditional sportsbooks and offshore prediction platforms.
Expanding global participation: The platform hosts markets across sports, politics, macroeconomics, and culture, with participation from users in more than 100 countries
Why The Cashmere Fund Invested
Kalshi is creating a new form of financial infrastructure where information and probability become tradable markets. As prediction markets move toward the mainstream, we believe Kalshi is well positioned to define the category.
The platform benefits from powerful network effects: more participants lead to deeper liquidity and more accurate forecasting across markets.
For The Cashmere Fund, Kalshi represents a compelling intersection of sports, finance, and technology. We see the company as an early leader in the emerging “markets for everything and everyone” economy—where collective intelligence and real-time participation create entirely new financial products.
