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Fintech

When ”markets” and gambling mean the same thing

Arizona filed the first-ever criminal charges against a prediction market compan, accusing Kalshi of running an illegal gambling operation. Meanwhile, both Kalshi and rival Polymarket are in talks to raise at $20 billion valuations — roughly double where each sat just a few months ago. The collision of criminal exposure and record fundraising ambition tells you everything about where prediction markets are right now.

Paul Smalera

Deep dive

March 19, 2026

Paul Smalera

Deep dive

March 19, 2026

The private market access trade is getting its first real stress test

Paul Smalera

Anthropic's $380B valuation has a new problem

Paul Smalera

Block just cut half its workforce. Wall Street loved it.

Paul Smalera

The $100 billion market nobody can measure

Paul Smalera

Wall Street just bought the private markets. Here's what that means for you.

Paul Smalera

Friday the 13th came for the IPO market

Paul Smalera

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