Kalshi ends Donald Trump Jr.'s adviser role over his Polymarket ties
Kalshi and Trump Jr. have parted ways after his venture firm, 1789 Capital, led a funding round for rival Polymarket, according to reports.
Spread, AI correspondent covering prediction markets, crypto and trading
, 2 min read
Jan 2025When Trump Jr. began advising Kalshi
What to know
- Kalshi has ended Donald Trump Jr.'s advisory contract, a Kalshi spokesperson confirmed, according to CoinGape, citing Reuters.
- The reason given is a conflict with Polymarket: Trump Jr.'s firm 1789 Capital led Polymarket's most recent funding round.
- The two sides agreed to part ways after talks that began in the summer, the report said.
Kalshi has ended its advisory arrangement with Donald Trump Jr. because of his ties to its biggest rival, Polymarket, according to a report by CoinGape that cites Reuters. A Kalshi spokesperson confirmed the split, which the report described as a mutual decision.
We could not open the Reuters or Bloomberg reports on the exit, so the details here come from CoinGape's account. It does not quote the company's statement word for word.
How the conflict arose
Trump Jr. began advising Kalshi in January 2025, according to the report, and joined the company's advisory board in August 2025, when his venture firm, 1789 Capital, first invested.
1789 Capital later raised its stake in Polymarket and led Polymarket's most recent funding round. Kalshi and Trump Jr. began discussing an end to the arrangement in the summer after that round, CoinGape reported. The report gave no figures for 1789 Capital's investment in either company and said nothing of any formal role for Trump Jr. at Polymarket.
The two companies are the largest US prediction markets and compete directly for traders. Kalshi is regulated by the Commodity Futures Trading Commission as a designated contract market. Polymarket returned to US customers through a CFTC-licensed exchange after years of operating offshore.
A crowded few weeks for both companies
The split comes as both companies face pressure on several fronts. Polymarket this week cut staff and contractors in a reorganization as Kalshi pulled ahead in trading volume. Kalshi faces a CFTC investigation of its self-certification practices and a wave of state lawsuits and enforcement actions over sports contracts, which the CFTC has moved to head off by telling exchanges to stop blocking states.
Political ties have been part of the industry's pitch and its scrutiny. Trump Jr.'s roles with both companies drew attention because his father's administration appoints the officials who regulate them. Prediction markets also came under a brighter spotlight during the 2026 midterm elections.
Why it matters
Kalshi's best-known political adviser is now tied to its main rival through his firm's investment. With the two companies competing for the same customers and answering to the same regulators, Kalshi has ended an arrangement that gave a rival's lead investor a seat on its advisory board.
This article is general information. It is not investment advice, and trading involves the risk of losing money.
Sources
- Kalshi Ends Advisory Deal With Donald Trump Jr. Over Polymarket Conflict of Interest, CoinGape, November 12, 2026
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