Zack Chroman and Tanner Hoke founded Alcedine Technologies in 2024, quickly becoming a top-10 trader across U.S. regulated prediction exchanges like Kalshi. The firm, whose website simply states 'check back later,' maintains a low public profile despite moving millions in contracts on sports, elections and other events. Both founders are math prodigies—Chroman was on the U.S. International Math Olympiad team, while Hoke competed in world championship programming.
After meeting at Jane Street, they began trading prediction markets in 2023 and acquired Valence, a Y Combinator-backed firm, by early 2026. Alcedine now serves hedge funds and family offices with its block-trading operations. The rise of firms like Alcedine reflects a broader trend of upstart traders leveraging AI tools and bots to dominate prediction markets.
Platforms such as Kalshi and Polymarket compete fiercely for high-volume traders, offering stipends, loans and equity stakes. 'We're in this to build a durable business,' said Hoke, contrasting with others who view prediction markets as short-term profit plays. Competition for trading flow intensifies as sophisticated players exploit computational edges over recreational bettors.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing