Prediction market platform Kalshi is seeking to enter crypto trading services in the United States.

A report by The Information cited by blockchain media outlet CoinDesk on Monday said Kalshi is reviewing plans to expand beyond prediction markets, starting with the launch of perpetual futures linked to crypto tokens such as bitcoin.

Multiple sources said Kalshi is first looking at offering perpetual futures tied to cryptocurrencies such as bitcoin. Perpetual futures are derivatives that allow bets on price moves without an expiry date. They can be traded without directly holding the underlying asset, and positions can be kept as long as collateral is maintained.

Kalshi's move is seen as an effort to broaden its business from prediction markets into derivatives. In the United States, Coinbase is also expanding derivatives and prediction market products, and competition between the two is expected to become more direct if Kalshi enters in earnest. Coinbase does not yet offer "official perpetual futures" in the United States, but it has launched "perpetual futures-type" contracts with long-dated expiries and has shown interest in bringing more complex derivatives to the U.S. market.

The broader crypto exchange industry is moving in a similar direction. Major exchanges are trying to pull demand that had moved overseas back into the U.S. market, and Kalshi's push is also assessed as aligning with that trend.

Changes in the U.S. regulatory environment are in the background. Kalshi has already secured multiple licences from the U.S. Commodity Futures Trading Commission (CFTC) and recently received approval to offer margin trading. That has given Kalshi a basis to enter the derivatives market. One source predicted Kalshi would enter the market first with crypto-linked perpetual futures and later expand the same model to other asset classes.

Competition over user bases is also becoming clearer. Prediction markets and crypto trading platforms are increasingly being reshaped into a structure that competes for the same users. Major crypto exchanges such as Coinbase, Crypto.com and Gemini have already introduced prediction market products as part of that trend. Crypto trading volumes, however, have slowed in recent months after the market declined.

Prediction market activity, by contrast, is rising quickly. As user participation and investment funds flow in together, the pace of expansion for related platforms has also accelerated. That is also prompting operators that focused on prediction markets, like Kalshi, to broaden their trading products. As the line between prediction markets and crypto trading fades, derivatives competition in the United States is increasingly likely to intensify around user acquisition and product diversification.

Kalshi's move shows more clearly that prediction markets and crypto trading services are increasingly confronting each other for the same user base. As changes in the U.S. regulatory environment and competition to expand products combine, the market landscape is also increasingly likely to be reshaped quickly.