Crypto companies are raising billions again, but investors are becoming more selective about the premiums they are willing to pay. Kalshi is reportedly seeking $1 billion at a $40 billion valuation, nearly double the company’s valuation in May. Blockchain.com, meanwhile, is preparing for an initial public offering (IPO) at a potential valuation of up to $6 billion, well below the $14 billion it commanded during the previous crypto boom.

The shift is particularly visible among digital asset treasury (DAT) companies. Only four of the 20 largest currently trade above the value of the crypto assets they hold. This week’s Crypto Biz examines where investors continue to pay a premium, where that premium has disappeared and how Bitget is responding to the fallout from a $388 million security breach.

Only four of the top 20 crypto treasury companies trade above NAV

The crypto treasury model has largely lost the advantage it once held, with most DAT companies no longer commanding the premiums that helped them raise capital and accumulate crypto without diluting shareholders, according to DWF Ventures.

Net asset value (NAV) represents the value of a company’s assets minus its liabilities. For a DAT company, mNAV compares the company’s market value with the value of the crypto assets it holds: a figure above 1 indicates a premium, while a figure below 1 indicates a discount.

DWF’s report found that only four of the 20 largest DATs by assets under management trade above an mNAV of 1: Bit Digital, Strive, Hyperliquid Strategies and BitMine. The discounts indicate that investors are no longer willing to pay the same premium for crypto exposure through publicly traded companies.

Michael Saylor’s Strategy pioneered the Bitcoin treasury model in 2020. Since then, most DAT stocks have underperformed simply holding the underlying crypto asset. When shares trade at a premium to net asset value, companies can issue shares and use the proceeds to buy more crypto without diluting existing holders. When shares trade below NAV, however, new equity can become dilutive and weaken the model’s core financing mechanism.

Bitget CEO sees limited chance of recovering $388 million stolen in breach

Bitget CEO Gracy Chen said she is not optimistic about recovering funds stolen in the exchange’s $388 million security breach, citing the 2025 Bybit hack as a reference point. Speaking on Cointelegraph’s Chain Reaction, Chen said Bybit had frozen only about 3.5% of the roughly $1.5 billion stolen in that attack.

“That’s only the freezing. It’s not about recovery yet,” Chen said.

Bitget initially reported that $352 million had been lost before updating the figure to $388 million. NEAR Intents said it blocked more than $50 million tied to the attack and froze about $500,000. Tether and Circle also blacklisted a wallet, freezing $318,013 in USDT and USDC.

Chen said North Korea may have been responsible for the hack based on matching IP addresses, although that attribution has not been proven. Withdrawals resumed in stages, beginning with Bitcoin on Monday and Ethereum on Tuesday.

Kalshi seeks $1 billion at nearly twice its May valuation

Prediction market platform Kalshi is reportedly in advanced talks to raise approximately $1 billion in a new funding round at a $40 billion valuation, according to Reuters.

Existing investors Sequoia Capital and Wellington Management are discussing leading the round, which could also include Tiger Global Management and Dragoneer Investment Group, people familiar with the matter told Reuters. Kalshi closed a $1 billion Series F round in May at a $22 billion valuation, doubling its valuation from December.

The Financial Times reported on June 24 that Kalshi could close the new round as soon as the third quarter. The discussions are not final, and the terms could change. Cointelegraph contacted Kalshi, Sequoia, Wellington, Tiger Global and Dragoneer for comment but received no immediate response.

Blockchain.com considers $500 million IPO

Blockchain.com is reportedly seeking to raise about $500 million through an IPO, more than four years after reaching a $14 billion valuation during the previous crypto boom. Bloomberg reported Monday, citing people familiar with the matter, that the exchange and wallet provider is seeking a valuation of between $4 billion and $6 billion and would consider a smaller offering if necessary.

The company confidentially filed draft registration documents with the US Securities and Exchange Commission in May. The potential listing comes as crypto capital markets begin to reopen and Bitcoin has climbed more than 30% since mid-August.

However, shares of recently listed Gemini, BitGo and eToro remain roughly 50% to 80% below their post-IPO highs, according to Bloomberg. That performance could temper demand for new crypto listings and make the terms and reception of Blockchain.com’s potential offering an important test for the reopening market.

Crypto Biz is Cointelegraph’s weekly look at the business behind blockchain and crypto, delivered directly to subscribers every Thursday.