Crypto Businesses Raise Billions Again, But Investor Premiums Remain Elusive
Crypto companies are raising billions once again, signaling renewed investor interest but without the lofty premiums seen in past crypto booms. Prediction market platform Kalshi is reportedly in talks to raise $1 billion at a $40 billion valuation, nearly double its May valuation. Meanwhile, Blockchain.com is preparing for an IPO valued between $4–6 billion, substantially down from $14 billion during the last crypto peak. Industry reports reveal only four of the top 20 digital asset treasury firms trade above their net asset value, while Bitget faces fallout from a $388 million security breach.
Decline in Premiums for Crypto Treasury Companies
The early advantage held by digital asset treasury (DAT) models has largely dissipated. A report by DWF Ventures reveals that only four of the 20 largest DATs by assets under management—Bit Digital, Strive, Hyperliquid Strategies, and BitMine—trade above their net asset value (mNAV).
This trend reflects investors' growing reluctance to pay substantial premiums for crypto exposure via public companies. Since Michael Saylor popularized the Bitcoin treasury model in 2020, most DAT stocks have underperformed simply holding the underlying crypto assets.
Trading at a premium previously allowed these companies to issue shares and accumulate crypto without significantly diluting existing shareholders. When trading below NAV, equity raises can dilute ownership and undermine this core financing strategy.
Bitget CEO Expresses Doubt Over Recovery of $388 Million Hack
Gracy Chen, CEO of Bitget, is pessimistic about recovering funds lost in a $388 million breach, referencing the Bybit hack in 2025 where only about 3.5% of stolen assets were frozen.
Bitget initially reported losses of $352 million before updating to $388 million. Ecosystem partners like NEAR Intents blocked over $50 million linked to the attack, while Tether and Circle blacklisted wallets, freezing approximately $318,000 in USDT and USDC.
Chen suggested possible North Korean involvement, based on matching IP addresses, but no confirmation exists. Bitget has gradually resumed withdrawals starting with Bitcoin, followed by Ethereum.
Kalshi Seeks $1 Billion Fundraise at Nearly Double May Valuation
Prediction market platform Kalshi is in advanced talks to raise roughly $1 billion at a $40 billion valuation, nearly twice its $22 billion valuation in May.
Sequoia Capital and Wellington Management are considered frontrunners to lead the round, with Tiger Global and Dragoneer Investment Group possibly involved. In May, Kalshi completed a $1 billion Series F round, doubling its valuation since December 2023.
While talks are advanced and the deal could close as soon as Q3, terms remain subject to change. Representatives from Kalshi and prospective investors have not commented yet.
Blockchain.com Plans IPO Amid Market Softening
Blockchain.com aims to raise about $500 million through an initial public offering, targeting a valuation between $4 billion and $6 billion, markedly down from the $14 billion valuation reached during the prior crypto boom.
The company confidentially filed draft registration documents with the SEC in May, marking steps toward public listing. Despite Bitcoin gains over 30% since mid-August, market caution prevails as recent IPOs from Gemini, BitGo, and eToro trade 50% to 80% below their post-IPO highs.
This environment may dampen investor enthusiasm for Blockchain.com’s offering, but the company continues to pursue public listing plans.
Why it matters
These developments reveal a new phase in the evolution of the crypto market, where investors no longer hand out premiums based solely on hype or brand reputation, but demand real value creation and sustainable business models. The decline in premiums for digital asset treasuries signals maturation of the sector and a shift in investment strategies toward asset management efficiency and transparency. Large funding rounds like Kalshi’s indicate renewed investor confidence but with more disciplined company valuations. The Bitget hack and industry's response highlight ongoing security risks and the critical need for robust controls. Meanwhile, Blockchain.com’s IPO efforts demonstrate how firms are adapting to post-crypto winter conditions. Understanding these trends is crucial for market participants shaping capital flows and the ecosystem’s growth trajectory.
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