Crypto firms are raising billions again, but the easy valuation premium that once lifted much of the sector is no longer showing up everywhere. Kalshi is reportedly seeking $1 billion at a $40 billion valuation, while Blockchain.com is preparing for an initial public offering that could value it at $4 billion to $6 billion, well below the $14 billion level it reached during the previous crypto boom.
The gap is especially visible among digital asset treasury companies. According to DWF Ventures, only four of the 20 largest digital asset treasury, or DAT, companies by assets under management still trade above an mNAV of 1, suggesting that investors are no longer willing to pay the same premium for crypto exposure through listed companies.
This week’s Crypto Biz tracks where investors are still willing to pay up, where the old crypto premium has disappeared, and how Bitget is handling the aftermath of a $388 million security breach.
Only four large digital asset treasury companies still trade above NAV
DWF Ventures said the digital asset treasury model has largely lost the early advantage that once helped companies raise capital and accumulate crypto without diluting shareholders. Most DAT companies no longer command the premium that previously supported that strategy.
In DWF’s report, only four of the 20 largest DATs by assets under management trade above an mNAV of 1: Bit Digital, Strive, Hyperliquid Strategies and BitMine. Those discounts indicate that investors are no longer paying the same premium for crypto exposure through public equities.
Since Michael Saylor’s Strategy pioneered the Bitcoin treasury model in 2020, most DAT stocks have underperformed simply holding the underlying crypto asset.
That premium matters because it allows companies to issue shares and buy more crypto without diluting existing holders. Once shares fall below NAV, equity raises can become dilutive, weakening the model’s core financing mechanism.
Bitget CEO says chances of recovering stolen funds are slim
Bitget CEO Gracy Chen said on Cointelegraph’s Chain Reaction that she is not very optimistic about recovering funds from the exchange’s $388 million breach, pointing to the 2025 Bybit hack as a reference.
Chen said that in the Bybit case, only about 3.5% of the roughly $1.5 billion stolen in the attack had been frozen. 「That’s only the freezing. It’s not about recovery yet,」 she said.
Bitget first reported losses of $352 million before revising the figure to $388 million. NEAR Intents blocked more than $50 million tied to the attack and froze about $500,000. Tether and Circle blacklisted a wallet and froze $318,013 in USDT and USDC.
Chen also said North Korea may be responsible for the hack based on matching IP addresses, though that has not been proven. Withdrawals resumed in stages, with Bitcoin withdrawals restarting on Monday and Ethereum withdrawals on Tuesday.
Kalshi seeks a new $1 billion funding round
Reuters reported that prediction market platform Kalshi is in advanced talks to raise about $1 billion in a new funding round at a $40 billion valuation, nearly double the company’s valuation in May.
According to Reuters, existing investors Sequoia Capital and Wellington Management are in talks to lead the round, which could also include Tiger Global Management and Dragoneer Investment Group.
Kalshi closed a $1 billion Series F round in May at a $22 billion valuation, doubling its valuation from December 2025. The Financial Times reported on June 24 that the new round could close as soon as the third quarter.
The talks are not final, and the terms could still change. Cointelegraph said it had reached out to Kalshi, Sequoia, Wellington, Tiger Global and Dragoneer for comment but did not receive an immediate response.
Blockchain.com targets a roughly $500 million IPO
Bloomberg reported that Blockchain.com is looking to raise about $500 million in an IPO, more than four years after the exchange and wallet provider reached a $14 billion valuation during the previous crypto boom.
Citing people familiar with the matter, Bloomberg said the company is seeking a valuation of $4 billion to $6 billion and is open to a smaller offering if needed. It confidentially filed draft registration documents with the US Securities and Exchange Commission in May.
The move comes as crypto capital markets begin to reopen and Bitcoin has climbed more than 30% since mid-August. Bloomberg also noted that shares of recently listed Gemini, BitGo and eToro remain roughly 50% to 80% below their post-IPO highs, a sign that could temper demand.