Key facts
- Polymarket US plans to list Bitcoin, Ethereum, and Solana price contracts.
- The company filed with the US Commodity Futures Trading Commission (CFTC).
- The move follows Polymarket's acquisition of QCEX.
- These are event contracts, not leveraged perpetual futures.
- Contracts are binary options based on price levels at specific times.
- Settlement will use CF Benchmarks data.
Polymarket US has submitted filings to the Commodity Futures Trading Commission (CFTC) to introduce Bitcoin, Ethereum, and Solana price contracts for trading within the United States. This strategic move follows the prediction market's acquisition of QCEX, facilitating its re-entry into the US market.
According to the filings, QCEX, now operating under Polymarket US, has self-certified a new suite of crypto price event contracts in compliance with federal regulations. These contracts are designed as binary options, allowing traders to bet on whether the price of Bitcoin, Ethereum, or Solana will trade above, below, or within a specified level at a particular time. For instance, a contract might ask, "Will the value of Bitcoin be above $95,000.00 at 2:30 PM ET on August 31, 2026?" The settlement of these contracts will utilize data from CF Benchmarks, and they are structured as fully collateralized $1 contracts, requiring traders to post the full amount at risk upfront.
If the self-certification process proceeds without intervention from the CFTC, these contracts could become available to US users as early as August 28. In separate market movements, Bitcoin's price saw a nearly 2% increase to reclaim $80,000 after a dip below $78,000 following hotter-than-expected PCE inflation data. Trading volume for BTC has risen by 5%. Robert Mitchnick, BlackRock's head of digital assets, noted a strengthening macro case for Bitcoin due to growing US debt and fiscal concerns. Ethereum's price also rose by 3% in the past 24 hours, trading around $2,505, with a significant 24% increase in trading volume. Participants anticipate Ethereum will not fall back to $1,750 this year. Solana's price surged over 7% to surpass the $100 mark, reaching a daily high of $105.55, with daily active addresses showing a substantial jump and predictions pointing towards $120.