Crypto Biz: Kalshi, Blockchain.com and Crypto Treasury Valuations

Crypto companies are raising billions again, but investors are no longer handing out premiums indiscriminately.

Kalshi is reportedly seeking $1 billion at a $40 billion valuation, nearly twice what it was worth in May. Meanwhile, Blockchain.com is preparing for an initial public offering (IPO) at a potential $6 billion valuation, well below the $14 billion it commanded during the last crypto boom. The divide is even sharper among digital asset treasury companies, where just four of the 20 largest still trade above the value of their crypto holdings.

This week’s Crypto Biz looks at where investors are still willing to pay up, where the old crypto premium has disappeared and how Bitget is dealing with the fallout from a $388 million security breach.

Only 4 of top 20 crypto treasury companies still trade above NAV: DWF

The crypto treasury model has largely lost its early advantage, with most digital asset treasury (DAT) companies no longer commanding the premiums that once helped them raise capital and accumulate crypto without diluting shareholders, according to DWF Ventures.

DWF’s report found only four of the 20 largest DATs by assets under management trade above an mNAV of 1: Bit Digital, Strive, Hyperliquid Strategies and BitMine. The discounts suggest investors are no longer willing to pay the same premium for crypto exposure through public companies. 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 allows companies to issue shares and buy more crypto without diluting existing holders. When shares trade below NAV, however, raising equity can become dilutive and undermine the model’s core financing mechanism.

Bitget CEO sees slim chance of recovering $388 million stolen in breach

Bitget CEO Gracy Chen said she is not very optimistic about recovering funds from the exchange’s $388 million breach, citing the 2025 Bybit hack as a reference point.

Speaking on Cointelegraph’s Chain Reaction, Chen said Bybit had frozen only about 3.5% of the roughly $1.5 billion stolen in the attack. “That’s only the freezing. It’s not about recovery yet,” Chen said.

Bitget initially reported $352 million lost before updating the figure to $388 million. NEAR Intents blocked more than $50 million tied to the attack and froze about $500,000, while Tether and Circle blacklisted a wallet, freezing $318,013 in USDT and USDC.

Chen said North Korea may be responsible for the hack based on matching IP addresses, though it has not been proven. Withdrawals resumed in stages, starting with Bitcoin on Monday and Ethereum on Tuesday.

Kalshi eyes $1 billion raise at nearly double its May valuation

Prediction market platform Kalshi is reportedly in advanced talks to raise approximately $1 billion in a new funding round at a $40 billion valuation, according to Reuters.

Existing investors Sequoia Capital and Wellington Management are in talks to lead the round, which could include Tiger Global Management and Dragoneer Investment Group, people familiar with the matter told Reuters. The company closed a $1 billion Series F round in May at a $22 billion valuation, doubling its valuation from December. The Financial Times reported on June 24 that Kalshi could close the new round as soon as the third quarter.

The talks are not final, and terms could change. Cointelegraph reached out to Kalshi, Sequoia, Wellington, Tiger Global and Dragoneer for comment but received no immediate response.

Blockchain.com eyes $500 million IPO

Blockchain.com is reportedly looking to raise about $500 million in an initial public offering, more than four years after reaching a $14 billion valuation during the previous crypto boom.

Citing people familiar with the matter, Bloomberg reported Monday that the exchange and wallet provider is seeking a valuation of $4 billion to $6 billion and was 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, but shares of recently listed Gemini, BitGo and eToro remain roughly 50% to 80% below their post-IPO highs, according to Bloomberg, a caveat that may temper demand.

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