Crypto Premiums Disappear as Companies Raise Billions
Crypto companies are once again raising billions, but investors are no longer willing to pay the same premiums as they did during the last crypto boom. Kalshi, a prediction market platform, is seeking $1 billion in a new funding round at a valuation of $40 billion, nearly double its valuation in May. This comes as 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 previous crypto boom.
The divide is even sharper among digital asset treasury companies, where only four of the 20 largest still trade above the value of their crypto holdings. DWF Ventures found that most digital asset treasury (DAT) companies have lost their early advantage, with investors no longer willing to pay the same premium for crypto exposure through public companies.
Bitget CEO Gracy Chen expressed concern about recovering the $388 million stolen in a recent breach, citing the 2025 Bybit hack as a reference point. Chen stated that North Korea may be responsible for the hack based on matching IP addresses, though it has not been proven.