Coinbase to Launch Prediction Market With Kalshi as Part of “Everything Exchange” Strategy

preCharge News BUSINESS — Coinbase is gearing up to launch an in-house prediction market, powered by Kalshi, a source close to the matter told preCharge News — a strategic play to expand the number of asset classes available on the cryptocurrency exchange at a time some investors are shying away from digital assets.

Official Announcement Expected Soon

The source said Coinbase and Kalshi will “soon” formally announce the prediction market, with news on the matter potentially coming as early as next week.

Rumors and Early Clues About the Prediction Market

Rumblings of the prediction market launch have swirled for nearly a month. An alleged screenshot of Coinbase’s prediction markets dashboard shared by Silicon Valley researcher Jane Manchun Wong in an X post dated Nov. 18 offered some clues about the new product.

Coinbase is working on Prediction Market pic.twitter.com/0T3HwdXmDy
— Jane Manchun Wong (@wongmjane) November 18, 2025

Industry Reports Signal Imminent Launch

The Information first reported on Nov. 19 that Coinbase planned to launch prediction markets powered by Kalshi, adding that the exchange would unveil the new product at its “Coinbase System Update” event on Dec. 17. Bloomberg published a similar report on Thursday, citing a source familiar with the matter, adding that Coinbase would also announce a tokenized stock offering at the showcase.

Coinbase Declines Comment Ahead of Event

Coinbase declined to confirm the reports to CNBC, but said to tune into its event next week. The firm did not comment on a timeline for when its prediction markets would go live for its users.

Coinbase’s Vision of Becoming an “Everything Exchange”

Coinbase’s upcoming product launches underscore its push to refashion itself into an “everything exchange,” or a one-stop shop for trading all kinds of assets, including crypto tokens, tokenized stocks and event contracts. In May, CEO Brian Armstrong articulated that “everything exchange” vision to investors, saying Coinbase would aim to become a top financial services app within the next decade.

Competitors Push Into Tokenized Assets and Prediction Markets

The trading platform is setting its sights on that goal as it faces intensifying competition from rivals such as Robinhood, Gemini and Kraken. All three have launched tokenized equity offerings to users outside of the U.S. within the past year, in addition to exploring prediction markets to varying extents.

Investor Sentiment on Digital Assets Softens

Coinbase’s moves to expand the financial instruments available to its users also come as investor sentiment on digital assets cools. A series of liquidations of highly leveraged digital asset positions in mid-October triggered several pullbacks in the crypto market, prompting investors to rotate out of tokens and into gold and other safe-have assets.

Market Declines Impact Bitcoin and Coinbase Stock

Bitcoin fell as low as around $85,000 in early December, hitting its lowest level since last March. The token was last trading at $89,951, down 23% in the past three months. Coinbase has also fallen more than 16% over the past three months.

Kalshi’s Push to Expand Prediction Markets Across Brokerages

The deal also underscores U.S.-based prediction markets operator Kalshi’s push to embed its event contracts into various brokerages, widening its reach as the prediction markets space becomes increasingly competitive.

Kalshi Expands Through Partnerships With Major Platforms

This year, Kalshi embedded several of its prediction markets into trading platform Robinhood, as part of a non-exclusive partnership between the companies. Kalshi has also engaged in talks with several other major brokerages, including those in the crypto industry, with the aim of closing more deals like the ones it has struck with Robinhood and now Coinbase, a source familiar with the matter told preCharge News.