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Investors are no longer assigning the same multiple to every company

As crypto companies once again seek billions of dollars in capital, the automatic valuation premiums seen during earlier bull markets are fading sharply. According to Reuters, Kalshi is in advanced talks to raise about $1 billion at a $40 billion valuation, while Blockchain.com is preparing for an IPO at a lower multiple.

The divergence shows that investors are no longer treating the sector as a single trade. The market is increasingly separating companies with strong growth stories from those that once earned a premium simply because they held crypto assets on their balance sheets.

The valuation gap between Kalshi and Blockchain.com

Reuters reported that Kalshi's May Series F round, which raised $1 billion, valued the company at $22 billion. The Financial Times reported on June 24 that the new round could close as early as the third quarter, but said the talks are not final and the terms could still change.

Bloomberg said Blockchain.com is considering an IPO as it looks to raise about $500 million. The company is targeting a valuation range of $4 billion to $6 billion, well below the $14 billion it reached during the previous crypto boom. The company filed confidential draft registration documents with the U.S. Securities and Exchange Commission (SEC) in May.

Why the premium has disappeared from the digital asset treasury model

According to a DWF Ventures report, only four of the 20 largest digital asset treasury companies by assets under management are trading at an mNAV above 1. That suggests investors are no longer willing to pay as much extra for exposure to crypto through publicly listed companies.

  • Bit Digital
  • Strive
  • Hyperliquid Strategies
  • BitMine

The Bitcoin treasury model popularized by Michael Saylor's Strategy in 2020 allowed companies to issue new shares and buy more crypto as long as the share price stayed above net asset value. But when shares fall below net asset value, equity financing becomes more dilutive and the model's core funding advantage weakens.

Security risks and weak exchange performance are limiting demand

Even as capital flow into the market picks up again, the risks have not gone away. Although Bitcoin has risen more than 30% since mid-August, shares of recently listed Gemini, BitGo and eToro are still trading about 50% to 80% below their post-IPO highs, according to Bloomberg data.

The cautious tone was reinforced by the aftermath of Bitget's $388 million security breach. The company initially said the loss was $352 million before revising the figure to $388 million. NEAR Intents blocked more than $50 million linked to the attack and froze about $500,000, while Tether and Circle also froze a combined 318,013 USDT and USDC in one wallet.

Bitget CEO Gracy Chen said she is not optimistic about recovering the funds, recalling that only 3.5% of the nearly $1.5 billion stolen in the 2025 Bybit hack could be frozen. Withdrawals were gradually reopened on Monday for Bitcoin and on Tuesday for Ethereum.

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