Brief
Kalshi seeks $1 billion at $40 billion valuation as crypto treasury premiums fade
Kalshi's fundraising target doubles its May valuation and the crypto treasury model shows fewer firms trading above net asset value.
By Felo News Desk · Published
Kalshi is reportedly pursuing a $1 billion capital raise at a $40 billion valuation, nearly twice its May estimate, while Blockchain.com prepares an IPO that could value it at about $6 billion, far below the $14 billion peak of the last crypto boom, Cointelegraph reported.
What happened
The report notes that only four of the 20 largest digital‑asset‑treasury (DAT) companies still trade above the net asset value (NAV) of their crypto holdings. Those firms are Bit Digital, Strive, Hyperliquid Strategies and BitMine, according to DWF Ventures. The premium that once allowed DAT firms to raise equity without diluting shareholders has largely vanished.
What the reports add
Cointelegraph cites DWF Ventures' analysis that the discounting trend reflects investors’ reduced willingness to pay a premium for crypto exposure through public companies. It also details Bitget’s ongoing fallout from a $388 million security breach, noting CEO Gracy Chen’s pessimism about fund recovery and her suggestion that North Korea may be involved based on IP data, though unproven.
What was said
Gracy Chen told Cointelegraph’s Chain Reaction that Bybit, after a 2025 hack, froze only about 3.5% of the $1.5 billion stolen, adding, “That’s only the freezing. It’s not about recovery yet.” She also said withdrawals at Bitget resumed in stages, starting with Bitcoin on Monday and Ethereum on Tuesday.
How it came about
Since Michael Saylor’s 2020 Bitcoin treasury model, many DAT stocks have underperformed the underlying crypto assets. The shrinking premium, highlighted in the current report, follows broader market shifts noted in Felo’s recent coverage of the Digital Asset Clarity Act’s Senate stall and SEC guidance on crypto assets.
Key facts
- Kalshi is seeking $1 billion at a $40 billion valuation. (cointelegraph.com)
- Only four of the 20 largest DAT firms trade above NAV: Bit Digital, Strive, Hyperliquid Strategies and BitMine. (cointelegraph.com)
- Bitget CEO Gracy Chen is doubtful about recovering the $388 million lost in a breach. (cointelegraph.com)
- Blockchain.com’s potential IPO could value the company at about $6 billion. (cointelegraph.com)
Sources
- [1] cointelegraph.com — originally reported as “Crypto Biz: Kalshi, Blockchain. com and Crypto Treasury Valuations”
