ICE 10-Q carries its Polymarket Series D and E preferred at about $2.0B as of June 30
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What happened
Intercontinental Exchange (ICE) disclosed in its 10-Q for the period ended 30 June 2026, filed 30 July 2026, that its combined Series D and Series E preferred holding in Polymarket was carried at about $2.0 billion as of 30 June. ICE reported that the stake represented about 22% of Polymarket's outstanding shares and about 14% on a fully diluted basis. The filing names the company as Blockratize, Inc., doing business as Polymarket, and gives no per-share price for either series.
The filing described how ICE built the position. On 7 October 2025 it agreed to buy 9.6 million Series D Preferred shares for $1.0 billion. On 26 March 2026 it invested an additional $600 million for about 4.2 million Series E shares. In the three months ended 31 March 2026 ICE recorded a $389 million gain by measuring the Series D stake at the implied fair value indicated by the Series E transaction price. It identified no downward adjustments or impairments in the three or six months ended 30 June 2026. Separately, in an April 2026 tender offer ICE bought about 0.4 million common shares for $40 million, under 1% of outstanding and fully diluted shares.
Key points
- ICE carried its Polymarket Series D and E preferred at about $2.0B as of 30 June 2026.1
- The stake was about 22% of outstanding shares and about 14% fully diluted.1
- ICE agreed to buy 9.6M Series D shares for $1.0B on 7 October 2025 and invested $600M for about 4.2M Series E shares on 26 March 2026.1
- A $389M gain was recorded in Q1 2026 by measuring Series D at the Series E price; no impairments were identified through 30 June.1
- In April 2026 ICE bought about 0.4M common shares for $40M in a tender offer.1
Why it matters
The $389 million gain came from measuring Series D at the implied fair value of the Series E transaction price, so the filed carrying value follows the latest round price.
ICE is a public company reporting its own holding and ownership shares. That gives an outside figure to compare with other accounts of who holds Polymarket stock.
The filing says Series D converts mandatorily on a qualified IPO or direct listing and states Series E rights are substantially similar. That ties the preferred holding to any future listing.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Funding round | Oct 2025 | $1.2B | $150M | Founders Fund |
| Private placement | Oct 2025 | $350M | $55M | Blockchain Capital |
| Series D | Oct 7, 2025 | $9.0B | $1.0B | Intercontinental Exchange |
| Series E | Mar 27, 2026 | $15B | $1.0B | Unknown |
| Funding round | Aug 31, 2026 | $21B | $1.0B | 1789 Capital |
Updated
Fact-check
- ICE's 10-Q for the period ended 30 June 2026 was filed on 30 July 2026.Confirmed by the EDGAR filing index for [1]: Form 10-Q, filing date 2026-07-30, period of report 2026-06-30.Verified
- ICE carried its Polymarket Series D and E preferred at about $2.0 billion as of 30 June 2026.Confirmed by [1] SEC EDGAR: 'the total carrying value of our Series D and E Preferred Stock investments was approximately $2.0 billion.'Verified
- The stake is about 22% of outstanding shares and about 14% fully diluted.Confirmed by [1] SEC EDGAR.Verified
- The filing names the company Blockratize, Inc., doing business as Polymarket, and gives no per-share price.Confirmed by [1] SEC EDGAR: Note 3 refers to Blockratize, Inc., doing business as Polymarket, and gives only aggregate amounts and share counts.Verified
- ICE agreed on 7 October 2025 to buy 9.6 million Series D shares for $1.0 billion.Confirmed by [1] SEC EDGAR.Verified
- On 26 March 2026 ICE invested $600 million for about 4.2 million Series E shares.Confirmed by [1] SEC EDGAR.Verified
- ICE recorded a $389 million gain in the three months ended 31 March 2026 and identified no downward adjustments or impairments in the three or six months ended 30 June 2026.Confirmed by [1] SEC EDGAR: the gain came from measuring Series D at the implied fair value indicated by the Series E transaction price.Verified
- In April 2026 ICE bought about 0.4 million common shares for $40 million, under 1% ownership.Confirmed by [1] SEC EDGAR.Verified
- Series D converts mandatorily on a qualified IPO or direct listing; Series E rights are substantially similar.Confirmed by [1] SEC EDGAR.Verified
Sources
- [1]SEC EDGAR (opens in a new tab)Intercontinental Exchange, Inc. 10-Q for the period ended June 30, 2026the total carrying value of our Series D and E Preferred Stock investments was approximately $2.0 billion
