Individual traders drove Kalshi’s rise. Now, it’s going for Wall Street

A Kalshi sign reading "Trade on what will JD Vance say at his speech?" the Bitcoin 2025 conference in Las Vegas, Nevada, US, on Tuesday, May 27, 2025. Bridget Bennett | Bloomberg | Getty Images Prediction market platform Kalshi processed more than $17 billion in various trading contracts in May, a record amount up more than 2500% from a year ago. But while individuals drove Kalshi's astronomical growth over the past year, the company has focused on a new push in 2026: institutional adoption. Less than a year after trading volumes started marching consistently higher in September, Kalshi — the largest prediction market platform in the U.S. — has made a series of moves in 2026 to increase its appeal to Wall Street. Those include rhetorical shifts, partnerships with brokerage platforms and teaming up with companies to develop necessary infrastructure. And what's driving institutional interest? Hedging. Instead of having to game the financial market reactions to alleviate risks to different events, like an election or economic data report, a firm can place money on a binary contract related to that incident. "Those are tradable assets now that people can directly trade upon, as opposed to trading on a derivative of those," said Andy Ross, head of institutional at Kalshi. …