Kalshi Approval Sparks Exchange Operator Stock Sell-Off

The approval of Bitcoin perpetual futures on Kalshi has sent shockwaves through the exchange operator market, with Cboe Global Markets taking the hardest hit.

According to TD Cowen, the decision could weigh on valuation multiples for some exchanges, particularly Cboe, CME Group, and Intercontinental Exchange.

RBC Capital Markets disagreed, stating that the competitive threat remains 'manageable' due to established exchanges retaining advantages in liquidity, institutional relationships, and market structure.

Cboe's stock fell over 8% in afternoon trade, with NDAQ's stock declining nearly 5%, CME's stock dropping 3.5%, and ICE's stock dipping 2.5%.