Crypto Climbs 7-10% as Bank of America Backs Kalshi $11B
Crypto markets rise 7%–10% as Bank of America backs the asset class and Kalshi reaches an $11 billion valuation
Crypto prices moved higher by roughly 7% to 10% as the sector absorbed two headline developments: Bank of America publicly recommending crypto and event-contracts platform Kalshi closing major fundraising that put its valuation at $11 billion.
Kalshi said it secured $1.3 billion across two funding rounds, a sizeable capital raise that underscores growing investor interest in regulated platforms tied to financial market outcomes and real-world events.
The company’s milestone comes during what many industry observers have described as a breakout year for event contracts in the United States. In 2025, event contracts entered the US mainstream as Kalshi and Polymarket—the two dominant platforms in the sector—posted record numbers.
Bank of America’s recommendation adds another element of institutional validation at a time when crypto-related products are increasingly being discussed alongside other mainstream asset categories. Combined with Kalshi’s funding and valuation jump, the developments highlight how crypto-adjacent markets—spanning tokens, derivatives, and event-based contracts—are converging with traditional finance in both investor attention and market participation.
