Crypto Fundraising Returns but Premiums for Public Companies Disappear

Crypto fundraising has picked up again, but the era of investors paying generous 'premiums' for crypto exposure through public companies is less consistent. Firms are pursuing fresh capital while other segments, particularly digital asset treasury (DAT) businesses, trade at discounts to the value of the crypto they hold.

New reports show that only four of the 20 largest DAT companies trade above their market net asset value (NAV), indicating the 'treasury premium' has largely faded. Bit Digital, Strive, Hyperliquid Strategies, and BitMine are among the few exceptions, but for most DATs, new equity raises can become dilutive.

Bitget's CEO Gracy Chen downplayed the likelihood of recovering funds from a major breach, even as parts of the exchange resume withdrawals. Speaking on Cointelegraph's Chain Reaction, Chen said she is 'not very optimistic' about recovery, referencing the 2025 Bybit hack, where only 3.5% of stolen assets were frozen.

Kalshi is reportedly in advanced talks to raise around $1 billion at a $40 billion valuation, nearly double its May valuation. Blockchain.com is preparing for a potential IPO with a valuation between $4 billion and $6 billion, significantly lower than its prior peak.