Raven Trading Hits $90M Valuation to Dominate Prediction Market Liquidity

Raven Trading has secured a strategic investment round at a $90 million pre-money valuation to scale its liquidity provision across global prediction markets. As these venues transition from retail novelties to institutional-grade platforms, the infusion of high-frequency trading expertise is critical for maintaining the deep order books required for large-scale event-contract volume.

What was announced

Raven Trading, a high-frequency trading (HFT) firm, has closed a strategic funding round led by CMCC Global and Coinbase Ventures. The round also saw participation from existing investors Hack VC and Wintermute Ventures, following their involvement in the firm's 2024 seed round. This capital injection is specifically aimed at expanding Raven’s prediction markets liquidity business, a sector that has seen dramatic growth over the last year.

The market for event contracts is expanding faster than the underlying infrastructure. In April 2026, the sector cleared approximately $30 billion in volume, and monthly volume surpassed $50 billion during the World Cup. This represents a massive leap from the $44 billion recorded for the entirety of 2025. Raven operates as a market maker across more than 10 prediction-market venues, including Kalshi and Polymarket, where it quotes alongside other professional liquidity providers.

The firm’s operations are algorithmic and run 24/7 across the United States, APAC, and the EEA. To date, Raven has quoted more than 3,000 contracts across categories including politics, cryptocurrency, macroeconomics, sports, commodities, entertainment, and weather. Beyond liquidity provision, the firm assists venues with technical integration, drafting API specifications, and writing SDKs to ensure new exchanges can bootstrap effectively. Raven is currently expanding its team, seeking quantitative traders and engineers for its offices in Milan and Sofia.

"The most important part of the job comes after launch. A liquidity partner's main role is to stay in the book and keep supporting the venue when things go wrong, including in a crisis such as a hack. As long as the exchange is running, we stay in the book."

Petar Kostov, CEO at Raven Trading.

The companies involved

Raven Trading is a proprietary trading firm that has established itself as a market maker across both centralised and decentralised exchanges. Led by CEO Petar Kostov and CTO Yuriy Myronovych, the firm focuses on the intersection of high-frequency trading and emerging asset classes. Unlike traditional market makers that only enter established markets, Raven often works with venues weeks before they go live to advise on market design and category listing.

The strategic round includes prominent names in the digital asset investment space. Coinbase Ventures, the investment arm of the major US-based cryptocurrency exchange, has been a prolific backer of infrastructure projects. CMCC Global joins the round as a lead investor, bringing a focus on blockchain-native ecosystems. Returning investors Hack VC and Wintermute Ventures provide deep institutional ties to the liquidity landscape. Wintermute is a well-known algorithmic trading firm in the digital asset space, while Hack VC focuses on early-stage infrastructure. This combination of backers suggests a strong emphasis on the technical plumbing required to support the next generation of financial venues across the EEA, APAC, and the US.

What FF News has reported before

FF News has closely tracked the expansion of institutional-grade infrastructure within the digital asset and broader fintech sectors. Recently, we covered how Fin.com Emerges from Stealth with $20M Seed to Scale Global Money Movement, a round that also featured participation from Coinbase Ventures. Our reporting has also highlighted the growth of on-chain data and banking services, such as when Kaiko Secures $110M Series B Extension Led by S&P Global to Scale Onchain Data Infrastructure and Jeeves Secures $110M to Scale Stablecoin-Native Banking for Global Enterprises. Furthermore, the rise of stablecoin-connected rails was documented in our report on how Latitude Secures $35M Series A to Scale Global Stablecoin Infrastructure.

What this means

The professionalisation of prediction markets marks a turning point for the sector. For years, these venues were hampered by thin order books and wide spreads, making them unsuitable for institutional hedging or significant retail participation. By bringing HFT-grade liquidity to event contracts, firms like Raven are effectively validating prediction markets as a legitimate asset class. This puts pressure on traditional data providers and betting houses, as prediction markets offer a more transparent, real-time alternative for pricing risk. The challenge for the industry now lies in regulatory harmonisation across different jurisdictions, as the technical infrastructure is clearly outpacing the legal frameworks currently in place.