Crypto’s billions are back, but the premiums aren’t
Summary
Crypto fundraising is recovering, but investors are being far more selective than in the last boom. Kalshi is reportedly seeking about $1 billion at a $40 billion valuation, nearly doubling its May price. By contrast, Blockchain.com is targeting a $4 billion to $6 billion IPO valuation, far below its $14 billion peak. The biggest shift is in digital asset treasury companies: DWF Ventures says only 4 of the top 20 trade above net asset value, showing the old crypto premium has largely vanished and making equity issuance more dilutive. Bitget is also dealing with the aftermath of a $388 million breach, with CEO Gracy Chen saying recovery prospects look slim. Some funds were frozen, but likely only a small portion will be recovered.
