Crypto companies are once again attracting billions of dollars from investors, but the market is becoming more selective about the valuations it is willing to support. Prediction-market operator Kalshi is reportedly seeking $1 billion at a valuation of $40 billion, while Blockchain.com is preparing for a potential US initial public offering at a valuation far below the level it reached during the previous crypto boom.
The contrast is particularly visible among publicly traded digital-asset treasury companies. According to reporting reviewed by Cointelegraph, only four of the 20 largest such companies still trade above the value of the crypto assets they hold. At the same time, Bitget is dealing with the consequences of a security breach that it now values at $388 million.
Treasury companies lose their valuation advantage
Digital-asset treasury companies hold cryptocurrencies on their balance sheets and use their public-market access to raise capital and acquire more digital assets. The model became especially prominent after Strategy, formerly known as MicroStrategy, began building a large Bitcoin treasury in 2020.
When these companies trade above net asset value, or NAV, they can issue shares at a premium and use the proceeds to buy more crypto without immediately diluting existing shareholders. That financing mechanism becomes much less attractive when the shares fall below the value of the assets held.
A report from DWF Ventures found that just four of the 20 largest digital-asset treasury companies by assets under management had a market-value-to-NAV ratio above one. The companies identified as trading above that level were Bit Digital, Strive, Hyperliquid Strategies and BitMine.
The broader result suggests that investors are no longer automatically paying extra for crypto exposure through a listed company. DWF said most digital-asset treasury stocks have underperformed simply holding the underlying cryptocurrency since the treasury strategy was pioneered by Strategy. If shares remain below NAV, raising equity can dilute shareholders and weaken the central financing model behind the sector.
Kalshi targets a $40 billion valuation
Kalshi is moving in the opposite direction. The prediction-market platform is reportedly in advanced discussions to raise about $1 billion at a valuation of $40 billion, according to Reuters. Sequoia Capital and Wellington Management are discussing leading the round, with Tiger Global Management and Dragoneer Investment Group also potentially involved.
The proposed valuation would be nearly double Kalshi’s $22 billion valuation from its $1 billion Series F financing in May. That earlier round itself doubled the company’s valuation from December.
The new financing has not been finalized, and its terms could change. Cointelegraph said it contacted Kalshi and the named investors for comment but had not received immediate responses.
Kalshi’s reported fundraising plans show that investors are still prepared to assign very high valuations to selected businesses in the crypto-related market. They also highlight the growing gap between companies that can attract a premium based on their business prospects and those whose valuations depend mainly on the crypto assets on their balance sheets.
Blockchain.com prepares for a lower-valued IPO
Blockchain.com, an exchange and wallet provider, is reportedly considering an IPO that could raise about $500 million. Bloomberg reported that the company was seeking a valuation between $4 billion and $6 billion and could accept a smaller offering if necessary.
The company confidentially submitted draft registration documents to the US Securities and Exchange Commission in May. Its potential valuation would be substantially below the $14 billion level it reached more than four years ago during the previous crypto boom.
The possible listing comes as crypto capital markets begin to reopen and Bitcoin has risen by more than 30% since mid-August. However, the performance of recently listed crypto companies provides a less supportive backdrop. Bloomberg reported that shares of Gemini, BitGo and eToro were approximately 50% to 80% below their post-IPO highs.
That performance could make public-market investors more cautious about new offerings, even as renewed activity gives private companies an opportunity to pursue listings and fresh funding.
Bitget breach raises recovery concerns
Bitget CEO Gracy Chen said she was not optimistic about recovering most of the $388 million involved in the exchange’s security breach. She pointed to the 2025 Bybit hack as a comparison, saying only about 3.5% of the roughly $1.5 billion stolen in that incident had been frozen. Freezing assets does not necessarily mean they have been recovered.
Bitget initially estimated its loss at $352 million before raising the figure to $388 million. NEAR Intents blocked more than $50 million linked 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 might be responsible based on matching IP addresses, but she emphasized that this had not been proven. Withdrawals resumed in stages, beginning with Bitcoin on Monday and Ethereum on Tuesday.
Moneyiar market picture
Moneyiar data at 2026-10-03 09:13 +03:30 showed Compound (COMP) at $24.669095561, up 0.75% over 24 hours and 3.17% over seven days. Loaded Lions (LION) stood at $0.0015154675, down 2.67% in 24 hours and 0.03% over seven days.
Other available Moneyiar readings were Billions Network (BILL) at $0.0139971939, down 0.59% over 24 hours but up 10.04% over seven days, recorded at 2026-09-21 01:39 +03:30; and Infinity Ground (AIN) at $0.1025293171, down 31.28% over 24 hours and up 48.1% over seven days, recorded at 2026-09-16 01:39 +03:30.
