Key facts
- Crypto companies are raising billions, but investor premiums have decreased.
- Kalshi is reportedly seeking $1 billion at a $40 billion valuation, nearly double its May valuation.
- Blockchain.com is preparing for an IPO at a $4 billion to $6 billion valuation, down from $14 billion.
- Only four of the 20 largest digital asset treasury companies trade above their net asset value.
- Bitget's CEO is not optimistic about recovering the $388 million lost in a recent security breach.
Crypto companies are once again raising substantial amounts of capital, but investors are now more discerning, leading to a decline in the high premiums previously awarded. Kalshi, a prediction market platform, is reportedly in advanced talks to secure $1 billion at a $40 billion valuation, nearly double its valuation from May. Meanwhile, Blockchain.com is preparing for an initial public offering (IPO) with a target valuation between $4 billion and $6 billion, a significant drop from the $14 billion it achieved during the previous crypto boom.
The trend is particularly stark among digital asset treasury (DAT) companies. According to a report by DWF Ventures, only four out of the 20 largest DATs by assets under management currently trade above their net asset value (NAV). This discount indicates that investors are less willing to pay a premium for crypto exposure through publicly traded companies, a model pioneered by Michael Saylor's strategy in 2020. When shares trade below NAV, it can make raising equity dilutive and undermine the financing mechanism for these companies.
In other news, Bitget CEO Gracy Chen expressed pessimism about recovering the $388 million stolen in a recent security breach, referencing the 2025 Bybit hack where only a small fraction of stolen funds was recovered. NEAR Intents managed to block over $50 million tied to the Bitget attack, freezing approximately $500,000, while Tether and Circle blacklisted a wallet, freezing $318,013 in USDT and USDC. Chen suggested North Korea might be responsible for the hack, citing matching IP addresses, though this remains unproven. Bitget has since resumed withdrawals in stages.