About a month ago, cryptocurrency investment firm Pantera Capital published a bold prediction about prediction markets. It said a betting exchange not named Kalshi or Polymarket would be bought for more than $1 billion this year.

On Thursday, Pantera announced that it led a $75 million raise for Novig, a sports-focused prediction market betting app that recently applied for federal regulatory approval with the Commodity Futures Trading Commission (CFTC). Novig CEO Jacob Fortinsky said in a video interview that the raise values his company at $500 million, meaning participants in this round are collectively acquiring about 7% of the firm. Pantera accounts for “the super-majority” of the investment.

As cryptocurrency…