Paimon Kalshi SPV Token (xKLSH / pKLSH)
Series I · 64,130 tokens at US$39.00 — fair-market entry against the reported ~US$40B ask · July 27–29, first come, first served
The largest prediction market in America did $21.1B in a single month. Still private — until now.
Kalshi is the first CFTC-regulated event-contract exchange in the United States, handling roughly 89–90% of US prediction-market volume — US$21.1B traded in June 2026 alone, approximately US$2B in annualized revenue, and retail distribution through Robinhood. Paimon Series I offers on-chain exposure to verified Kalshi shares held in an SPV, with one honest choice at purchase: the Liquid Tranche ($xKLSH, freely transferable now) or the Term Tranche ($pKLSH, non-transferable for 6 months, then converting into 1.4× $xKLSH). Each token is backed 1:1 by SPV-held Kalshi Inc. shares and issuance is hard-capped at verified ownership. xKLSH is a contractual claim to economic exposure — not direct equity, not an offer, and not available to US persons or restricted jurisdictions.
Financial Metrics
Key investment indicators and blockchain information
Price Per Share
USD Currency
Supported Chains
1 Network
Valuation
Implied Market Value
Company Profile
Learn about the company behind this investment opportunity
Name
Kalshi Inc. (KalshiEX LLC — CFTC-regulated Designated Contract Market)
Founded
2018 by Tarek Mansour & Luana Lopes Lara (MIT classmates, ex-Citadel & Goldman Sachs)
Headquarters
New York, New York, USA
Core Businesses
CFTC-Regulated Event Exchange
The first CFTC-licensed Designated Contract Market for event contracts in the US — legal, federally regulated prediction markets across elections, economics, sports, weather, and culture.
Prediction-Market Liquidity Engine
Roughly 89–90% of US prediction-market volume. US$21.1B traded in June 2026 alone, with annualized trading volume tripling from ~US$52B to ~US$178B as institutional flow surged ~800% in six months.
Retail Distribution via Robinhood
Event contracts distributed to millions of retail traders through Robinhood. Sports drives the majority of volume (US$871M on Super Bowl Sunday alone), with active traders growing ~5× to 1.2M during 2025.
Business Milestones
US$22B Series F led by Coatue (May), with Sequoia, a16z, IVP, Paradigm, Morgan Stanley, and ARK Invest. Reportedly raising at ~US$40B (CoinDesk, June 2026; unconfirmed). Annualized revenue ~US$2B.
US$185M Series C vaults the valuation to US$2B (June); a later round reaches ~US$11B (December). Full-year trading volume hits US$23.8B (+1,108% YoY); active traders grow from 240K to 1.2M.
Receives CFTC approval as a Designated Contract Market (Nov 2020) — the first federally regulated event exchange in the US — and launches to the public (July 2021).
Founded by MIT classmates and former Citadel / Goldman Sachs quants Tarek Mansour and Luana Lopes Lara to turn event outcomes into a regulated, tradable asset class.
Liquid or Term — one honest choice at purchase
Same price, same asset, one decision: do you want liquidity now, or more Kalshi in six months?
Liquid Tranche
Trade from day one.
- Freely transferable BEP-20, delivered immediately
- $xKLSH/USDT AMM opens within 24h of sale close, seeded with Paimon's own capital
- Trade the Kalshi narrative in real time, or provide liquidity
Entry valuation
US$39B
Term Tranche
Lock six months, convert at 1.4×.
- Non-transferable for 6 months — no early exit, no wrapping, no secondary sale
- At maturity, every $pKLSH converts into 1.4 $xKLSH — the 1.4× Conversion Ratio
- 40% more tokens for patience · effective entry ~US$28B, ~30% below the reported ask
Effective entry valuation
≈US$28B
Worked example. US$1,000 → Liquid: 25.64 $xKLSH today. Term: 25.64 $pKLSH → 35.90 $xKLSH at maturity. Same dollars, 40% more tokens for patience. Token quantities are fixed; dollar values at maturity depend on where $xKLSH trades.
Conversion Reserve
Pre-funded. Worst case covered.
Series I sale
64,130
Conversion Reserve
25,652
Max issuance (hard cap)
89,782
Underlying
3,021.15 Kalshi shares (~0.00898%)
The Conversion Reserve is exactly 0.4× the full sale (25,652 = 0.4 × 64,130). If every subscriber elects the Term Tranche, total delivery at maturity is 64,130 × 1.4 = 89,782 $xKLSH — precisely the SPV's verified allocation. Every conversion is pre-funded and 1:1 collateralized by SPV-held Kalshi shares. No draw, no cap, no dilution, no fine print.
The 1.4× Conversion Ratio is a token-quantity ratio, not a return or a projection of value. $pKLSH is non-transferable for the full 6-month term. This is not an offer or solicitation and is not available to US persons or restricted jurisdictions.
Frequently Asked Questions
Everything you need to know about this investment opportunity
This FAQ is informational only.
In case of inconsistency between this FAQ and the Terms of Use or full Disclaimer & Risk Disclosure, the binding documents control. Read them before acquiring the token.