Crypto's Billions Return, But Trading Premiums Stay Low

Crypto fundraising is picking up again as companies pursue fresh capital and some segments trade at discounts to their underlying value. According to DWF Ventures, only four of the 20 largest digital asset treasury (DAT) companies trade above their market net asset value (NAV), indicating a fading 'treasury premium'. This premium allowed DATs to attract interest by offering investors additional crypto exposure without diluting existing holders.

However, with the market price sitting below the underlying value of held crypto, new equity raises can become dilutive, undermining the treasury model's original financing logic. Investors appear to be drawing a line between holding spot exposure directly and paying an extra premium for it through a public wrapper.

Bitget's CEO Gracy Chen downplayed the likelihood of recovering funds from a major breach, even as parts of the exchange resumed withdrawals. Chen pointed to the 2025 Bybit hack as a reference case, noting that frozen assets may represent only a small portion of the total theft.

Kalshi is reportedly in advanced discussions to raise about $1 billion at a $40 billion valuation, nearly double its May valuation. Blockchain.com is preparing for a potential IPO valuation in the $4 billion to $6 billion range, well below its prior peak valuation during the last boom.