Crypto’s billions are back, but the premiums aren’t
Kalshi seeks a $40 billion valuation, while Blockchain.com targets an IPO and crypto treasury companies struggle to maintain their once-high valuations.
The crypto industry is experiencing a resurgence, with companies raising billions again. However, investors are no longer offering the same premium valuations that were common in the previous boom. Kalshi, a prediction market platform, is reportedly seeking $1 billion at a $40 billion valuation, more than double its $22 billion valuation from May.
Blockchain.com, a crypto wallet provider, is preparing for an IPO with a potential valuation between $4 billion and $6 billion, significantly lower than its $14 billion peak during the last crypto boom. Digital asset treasury (DAT) companies, which specialize in holding cryptocurrencies, are struggling to maintain their once-high valuations.
Only four of the 20 largest DATs by assets under management now trade above an mNAV of 1. This suggests that investors are losing faith in the premium that once allowed DAT companies to raise capital and accumulate crypto holdings without diluting shareholders. Bitget, a crypto exchange, is dealing with the aftermath of a $388 million security breach, with CEO Gracy Chen expressing pessimism about recovering the lost funds.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
