Kalshi is expanding its U.S. crypto derivatives business with bitcoin-backed loans and a distribution deal with Webull. The move targets traders seeking perpetual futures exposure without selling their existing crypto holdings.
Kalshi Prime customers can borrow against bitcoin, ether and eligible stablecoins held at BitGo. They can use the funds to support margin positions on Kalshi’s perpetual futures exchange.
Kalshi Targets Crypto Traders With BitGo Deal
Kalshi Katalyst, a lending affiliate of Kalshi Prime, will issue loans against assets held at BitGo Bank & Trust. Additionally, the company expects to add more custodians to its lending network.
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Prime CEO Jeff Bandman said the product targets crypto-native traders and businesses that prefer holding digital assets. However, the offering also positions Kalshi to compete with offshore rival Polymarket.
Webull Expands Kalshi’s Futures Reach
Meanwhile, Webull plans to offer perpetual futures to eligible U.S. customers in November, starting with bitcoin and other cryptocurrencies. The contracts will trade on KalshiEX and clear through Kalshi Klear.
Kalshi launched its first U.S.-regulated bitcoin perpetual in June before adding gold, silver and a US500 index contract. However, a recent Utah lawsuit alleging illegal sports gambling presents a regulatory challenge as the company expands.
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