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Galaxy, the Nasdaq-listed digital assets firm with a $12 billion market cap, launched an institutional over-the-counter prediction-markets desk on Tuesday, kicking it off with a $10 million event swap on Kalshi that lets crypto hedge fund Arca position itself on the passage of the Digital Asset Market Clarity Act.
The desk sits inside Galaxy's Global Markets unit and offers principal-counterparty execution against non-sports event contracts on Kalshi and Polymarket at sizes the on-exchange order books cannot absorb. Galaxy can pair positions with hedges in equities and commodities, the firm said.
Prediction markets have cleared more than $60 billion in volume in 2026, but order books are still thin enough that a $10 million ticket would move the price. Galaxy is now the warehouse — taking the other side, holding the risk, and quoting institutional sizes bilaterally.
