Nicolas Hull

Every Tesla, every Starlink dish, every rocket on the pad. All of it needs tungsten. It’s in chips, jet engines, drones, missiles, and armor-piercing rounds.

It's in everything America is trying to build. China controls most of the world’s supply. Prices are up 500%+, including a 94% spike in six weeks this spring.

Oil has futures. Gold has futures. Copper has futures. Tungsten had nothing. So we built it.

Through @PillarHQ, an Ohio metals distributor locked in protection against tungsten prices on Kalshi. A real American business, hedged against a geopolitical supply shock, on a market that didn’t exist until now.

An LA hospitality group runs 25 bars, many of them right by Dodger Stadium. Every extra playoff game means packed bars. An early exit means lost revenue they were counting on.

So they hedged it. They put $60,000 on Kalshi on the Dodgers *not* making the World Series.

The Dodgers lost the NLCS to the Brewers. The position returned nearly 2x, helping cover the playoff business that *never* came.

A Columbia law professor told Fortune it works like “a form of bespoke insurance.”

Read the full story here: fortune.com/2026/10/19/pre…

The most famous hedger in sports just moved his Astros World Series position to Kalshi.

nypost.com/2026/09/29/bet…

Brenden Theaters runs 7 movie theaters across 4 states. Their revenue lives and dies on one thing they can't control: how many movies the studios decide to release.

Big slate, full theaters. Thin slate, empty seats.

So COO Robert Lytle asked us to list a market: "How many wide film releases next quarter?"

Brenden now takes the side they don't want to happen: fewer than 60 films. Thin slate, the trade pays out. Big slate, they lose the trade but sell more tickets.

He calls it "almost an insurance policy."

"The theater industry, we're really slow at adoption and really slow at innovation. We're trying to be a company that's kind of on the forefront of a lot of these things now."

Read the full article here: cbsnews.com/news/kalshi-sm…

Institutional finance has poured more than $60 billion into sports since 2019, across franchises, leagues, media rights, and venues. Sports is now an asset class.

When that much capital rides on game outcomes, you have to hedge it.

LSU owes Lane Kiffin a $3M bonus if LSU wins it all. LSU bought insurance against it from a sports insurer.

The insurer didn’t want to carry that risk alone. Last month they hedged $662,050 on Kalshi buying contracts that pay out $3M if LSU wins. They essentially re-insured the risk.

Read the full story here: cbssports.com/college-footba…