Kalshi plans to expand into crypto trading, a move that would put the prediction markets leader in direct competition with U.S. exchanges like Coinbase and Kraken, The Information reported on Tuesday.

Initially, the company wants to offer perpetual futures trading, which would set up Kalshi to compete directly with offshore exchanges, the report said.

"Kalshi will enter the crypto market by offering perpetual futures, the most popular type of trading products, on crypto tokens such as bitcoin," The Information reported, citing anonymous sources. "Crypto perpetuals, largely off-limits to U.S. traders so far, are a type of risky product popular on overseas exchanges like Binance and Hyperliquid."

Commodity Futures Trading Commission Chairman Michael Selig said last month his agency plans to allow such products in the United States.

"Kalshi has a set of CFTC licenses, which position it to offer the product. Last month, it secured a license that allows it to offer margin trading to users," The Information reported.

Kalshi declined to comment.

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Alongside Polymarket, Kalshi is currently atop the fast-growing prediction markets platform industry. Bernstein recently estimated that prediction market volumes will grow from about $51 billion in 2025 to $1 trillion by 2030.

Shortly after The Information reported Kalshi's intentions, Polymarket posted to X that "perps are coming" to the platform.

While Kalshi eyes capturing crypto trading market share from exchanges like Coinbase and Binance, both of the exchanges are offering users access to prediction markets. Coinbase has been working with Kalshi.

In March, the company raised more than $1 billion at a $22 billion valuation, according to reports from the Wall Street Journal and Bloomberg.

UPDATED with Polymarket posting it would add perps.