Aaron Brown, Columnist

What’s the Difference Between the NYSE and Polymarket Anyway?

October 10, 2025 at 9:00 AM UTC

Aaron Brown is a former head of financial market research at AQR Capital Management. He is also an active crypto investor, and has venture capital investments and advisory ties with crypto firms.

A new direction.
Photographer: Michael Nagle/Bloomberg

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News that the owner of the New York Stock Exchange is buying a substantial interest in crypto-betting entity Polymarket made me think of Michael Crichton’s warning in Jurassic Park.

Swapping bits of DNA from highly evolved entities separated by millions of years leads to unpredictable results (if you only saw the movie, you missed most of the argument). But if the velociraptors don’t get loose, there are some large potential benefits of the offspring of a marriage between Intercontinental Exchange Inc.’s NYSE and Polymarket for both securities trading and betting.