Crypto capital is flowing again — but on markedly tighter terms. Kalshi is reportedly in advanced talks to raise roughly $1 billion at a $40 billion valuation, according to Reuters, nearly double the $22 billion the prediction market platform commanded when it closed a $1 billion Series F round in May. Meanwhile, Blockchain.com is preparing an initial public offering that could value it between $4 billion and $6 billion, well below the $14 billion peak it reached during the last crypto boom, Bloomberg reported Monday.

The divide is sharpest among digital asset treasury companies, where only four of the 20 largest still trade above the value of their crypto holdings.

Treasury premium evaporates

The crypto treasury model has largely lost its early advantage, according to DWF Ventures. The firm's research found that only four of the top 20 digital asset treasury (DAT) companies by assets under management trade above an mNAV of 1: Bit Digital, Strive, Hyperliquid Strategies and BitMine.

The shift carries real operational consequences. The premium once allowed these companies to issue shares and buy more crypto without diluting existing holders — the core financing mechanism of the model Strategy pioneered under Michael Saylor in 2020. When shares trade below net asset value, raising equity becomes dilutive and undermines the entire capital-accumulation loop. DWF found that most DAT stocks have underperformed simply holding the underlying crypto asset directly.

The discounts suggest public-market investors no longer see structured corporate wrappers as worth paying up for compared with direct exposure.

Bitget CEO: little hope of recovering $388 million

Bitget CEO Gracy Chen said she is not optimistic about recovering funds from the exchange's $388 million security breach, pointing to the 2025 Bybit hack as a precedent. Bybit managed to freeze 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 on Cointelegraph's Chain Reaction.

Bitget initially reported $352 million lost before revising the figure upward to $388 million. Recovery efforts so far have yielded modest results: NEAR Intents blocked more than $50 million tied to the attack and froze about $500,000, while Tether and Circle blacklisted a wallet holding $318,013 in USDT and USDC.

Chen said North Korea may be responsible for the breach based on matching IP addresses, though she acknowledged this has not been proven. Withdrawals resumed in stages, starting with Bitcoin on Monday and Ethereum on Tuesday — a critical step in restoring user confidence in the exchange's solvency.

Kalshi nearly doubles valuation in three months

Kalshi's potential round would mark its second $1 billion raise of the year. Sequoia Capital and Wellington Management, both existing investors, are in talks to lead, with Tiger Global Management and Dragoneer Investment Group also potentially participating, people familiar with the matter told Reuters. The company's valuation has doubled twice in under a year: from roughly $11 billion in December to $22 billion in May, and now a prospective $40 billion.

The Financial Times reported on June 24 that the round could close as soon as the third quarter. The talks are not final, and terms could change. Kalshi, Sequoia, Wellington, Tiger Global and Dragoneer did not respond to requests for comment.

Blockchain.com tests a cooler IPO window

Blockchain.com is seeking to raise about $500 million in an IPO, Bloomberg reported, citing people familiar with the matter. The exchange and wallet provider confidentially filed draft registration documents with the US Securities and Exchange Commission in May and is reportedly open to a smaller offering if needed.

The listing arrives as crypto capital markets begin to reopen, with Bitcoin climbing more than 30% since mid-August. But the reception for recent crypto listings offers a cautionary signal: shares of Gemini, BitGo and eToro remain roughly 50% to 80% below their post-IPO highs, according to Bloomberg — a caveat that may temper demand for new issuance.

The pattern across private and public markets points in one direction: allocators are funding crypto again, but they are repricing the wrapper. Watch whether Kalshi's round closes at the reported terms in the third quarter and whether Blockchain.com's SEC filing converts into a priced deal — the first real tests of how much premium the sector can still command.