Crypto’s billions are back, but the premiums aren’t

What happened

Kalshi seeks a $40 billion valuation, while Blockchain.com targets an IPO (the sale of a company’s shares to the public on a stock exchange) and crypto treasury companies struggle to maintain their once-high valuations. Kalshi is reportedly seeking $1 billion at a $40 billion valuation, nearly twice what it was worth in May.

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

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. That premium allows companies to issue shares and buy more crypto without diluting existing holders.

Key facts

• 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