Crypto’s Billions Return, but Trading Premiums Stay Lower

Crypto fundraising is picking up again, but the era of investors paying generous “premiums” for crypto exposure through public companies is looking less consistent. New reports show firms pursuing fresh capital—while other segments, particularly digital asset treasury (DAT) businesses, trade at discounts to the value of the crypto they hold.

At the same time, industry players are still working through the aftermath of recent security incidents. Bitget’s CEO, for example, has downplayed the likelihood of recovering funds from a major breach, even as parts of the exchange resume withdrawals.

Key takeaways

• According to DWF Ventures, only four of the 20 largest digital asset treasury companies trade above their market NAV, indicating the “treasury premium” has largely faded.
• Bitget CEO Gracy Chen says she is not optimistic about recovering most of the funds lost in the exchange’s $388 million breach.
• Kalshi is reportedly in advanced discussions to raise about $1 billion at a $40 billion valuation, nearly double its May valuation.
• Blockchain.com is reportedly preparing for a potential IPO valuation in the $4 billion to $6 billion range—well below its prior peak valuation during the last boom.

Digital asset treasuries lose the edge investors once paid for

The DAT model—where companies hold large crypto balances and use share issuance to buy more—has historically attracted interest because public-equity funding could translate into additional crypto exposure without diluting existing holders. That advantage depends on whether the market values the company above the net asset value (NAV) of its holdings.

In a report cited by Cointelegraph, DWF Ventures found that the “early advantage” of crypto treasury firms has largely disappeared. DWF said 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 broader implication is straightforward: when the market price sits 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.

The report also ties today’s underperformance to a key reference point in the sector’s evolution. Since Michael Saylor’s Strategy helped pioneer the Bitcoin treasury approach in 2020, DWF notes that many DAT stocks have struggled relative to simply holding the underlying asset. For investors, that gap matters because it affects both expectations for returns and the calculus for allocating to equity-based crypto exposure.

Bitget’s CEO tempers expectations on breach recovery

While capital markets for some companies reopen, operational risks remain a defining concern. Bitget’s $388 million breach is one of the most prominent incidents in recent months, and the outlook for recovering stolen funds appears uncertain.

Speaking on Cointelegraph’s Chain Reaction, Bitget CEO Gracy Chen said she is “not very optimistic” about recovering funds. She pointed to the 2025 Bybit hack as a reference case, noting that frozen assets may represent only a small portion of the total theft.

Chen said that in the Bybit incident, only about 3.5% of the roughly $1.5 billion reportedly stolen was frozen—emphasizing the difference between freezing funds and actually recovering them. “That’s only the freezing. It’s not about recovery yet,” she said.

Bitget initially reported $352 million lost before updating the estimate to $388 million. According to the reporting referenced by Cointelegraph, NEAR Intents 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 added that North Korea may be responsible based on matching IP addresses, though she acknowledged the claim has not been proven. Withdrawals reportedly resumed in stages, with Bitcoin beginning on Monday and Ethereum on Tuesday—an operational step that can restore user confidence even if recovery of stolen funds remains in doubt.

For investors and users, the key issue isn’t just whether assets are frozen, but the gap between short-term containment and long-term recovery. That distinction can affect how quickly exchanges rebuild credibility, liquidity, and risk perceptions after a security event.

Kalshi explores a major raise at a higher valuation

In prediction markets, Kalshi is reportedly seeking a large new round of funding. Reuters reported that Kalshi is in advanced talks to raise approximately $1 billion at a $40 billion valuation—nearly double what it was valued at in May.

Reuters also reported that existing investors Sequoia Capital and Wellington Management are in talks to lead the round. The report said the new round could involve Tiger Global Management and Dragoneer Investment Group, based on people familiar with the matter.

Kalshi’s recent funding history provides context for why the valuation jump matters. The company closed a $1 billion Series F round in May at a $22 billion valuation after previously doubling its valuation from December, according to Reuters. Separately, the Financial Times reported on June 24 that Kalshi could close the new round as soon as the third quarter.

Still, the discussions are not final, and terms could change. Cointelegraph reported that it reached out to Kalshi, Sequoia, Wellington, Tiger Global, and Dragoneer for comment but received no immediate response.

For the broader market, Kalshi’s reported valuation trajectory suggests that demand for certain crypto-adjacent models—particularly those linked to market infrastructure—may be more resilient than demand for equity wrappers holding crypto balances at a discount.

Blockchain.com targets a smaller IPO valuation than the last boom

Other crypto incumbents are also approaching public markets, but valuation expectations appear more restrained than in the last cycle. Bloomberg reported that Blockchain.com is looking to raise about $500 million in an IPO, more than four years after reaching a $14 billion valuation during the previous crypto boom.

Bloomberg cited people familiar with the matter saying Blockchain.com is seeking a valuation between $4 billion and $6 billion and could consider a smaller offering if needed. The exchange and wallet provider reportedly confidentially filed draft registration documents with the US Securities and Exchange Commission in May.

The timing aligns with signs that crypto capital markets are beginning to reopen. Bloomberg pointed to Bitcoin rising more than 30% since mid-August, which may improve investor appetite for crypto-related equities.

However, the report also highlighted a potential dampener: shares of recently listed companies—including Gemini, BitGo, and eToro—remain roughly 50% to 80% below their post-IPO highs, according to Bloomberg. That kind of drawdown can influence how much demand shows up when a new listing enters the market, even if headline valuations are competitive.

What to watch next is whether the market continues to support higher valuations for companies building crypto market infrastructure—while DAT firms remain stuck below NAV. If discounts persist across the treasury model, future equity raises may increasingly depend on growth narratives beyond the value of held crypto, while exchanges and platforms will likely face continued scrutiny on security recovery timelines rather than just immediate resumptions of withdrawals.