Cryptography companies are once again raising billions of dollars in funding, but investors are no longer willing to offer high premiums indiscriminately.
It is reported that Kalshi is seeking to raise $1 billion in financing, with a valuation of $40 billion, which is nearly twice its valuation in May. Meanwhile, Blockchain.com is preparing for its initial public offering (IPO), with a potential valuation of $6 billion, which is significantly lower than the $14 billion during the last round of crypto hype. This differentiation is even more apparent among digital asset custodian companies: among the 20 largest companies, only 4 still have trading prices higher than the value of their crypto holdings.
This week's Crypto Biz focuses on: in which fields investors are still willing to pay high prices, where the once-existing premium for cryptocurrencies has disappeared, and how Bitget is dealing with the subsequent impacts of a $388 million security vulnerability incident.
According to DWF Ventures, the encrypted vault model has largely lost its early advantages. Most digital asset vaults (DAT) companies no longer enjoy the valuation premium that once helped them raise funds and accumulate digital assets without diluting shareholder equity.
A report from DWF finds that, based on asset management scale, among the 20 largest DAT, only 4 have a mNAV of over 1, which are Bit Digital, Strive, Hyperliquid Strategies, and BitMine. This discount indicates that investors are no longer willing to pay the same premium for exposure to crypto assets through listed companies as they did in the past. Since Michael Saylor's Strategy pioneered the bitcoin vault model in 2020, the performance of most DAT stocks has lagged behind that of directly holding the corresponding underlying crypto assets.
Bitget The CEO stated that the chances of recovering $388 million in stolen funds are slim.
Bitget CEO Gracy Chen stated that she is "not very optimistic" about recovering the funds involved in the exchange's $388 million security vulnerability incident, and referred to the Bybit hacker attack in 2025 as a benchmark.
Chen stated in Cointelegraph's program Chain Reaction that out of the approximately $1.5 billion in funds stolen in that attack, only about 3.5% have been frozen. Chen said, 'That's just freezing, not recovering.'
Bitget initially reported a loss of $352 million, later updating the figure to $388 million. NEAR Intents intercepted over $50 million in funds related to this attack and froze approximately $500,000; Tether and Circle blacklisted one wallet and froze $318,013. USDT and USDC also took action accordingly.
The Chen flag suggests that North Korea may be responsible for the hack, based on the matched IP address, but this has not yet been confirmed. Withdrawals have been restored in phases, with Bitcoin withdrawals resuming on Monday and Ethereum withdrawals on Tuesday.
Kalshi plans to raise $1 billion in financing, with a valuation nearly double that of May
According to Reuters, the forecasting market platform Kalshi is in deep negotiations for a new round of financing, aiming to raise approximately $1 billion with a valuation of $40 billion.
People familiar with the matter told Reuters that existing investors Sequoia Capital ( Sequoia Capital ) and Wellington Management Company ( Wellington Management ) are in talks to lead this round of financing, and Tiger Global Management and Dragoneer Investment Group may also participate. The company completed a $1 billion Series F financing in May, with a valuation of $22 billion at that time, doubling from December last year. The Financial Times reported on June 24 that Kalshi may complete this new round of financing as early as the third quarter.
The relevant negotiations have not yet been finalized, and the terms may still change. Cointelegraph stated that they have contacted Kalshi, Sequoia, Wellington, Tiger Global, and Dragoneer for their comments, but no immediate response was received.
Blockchain.com Aiming for $500 Million in Financing IPO
It is reported that Blockchain.com is seeking to raise approximately $500 million through its initial public offering (IPO). This is more than four years since it reached a valuation of $14 billion during the last crypto boom.
Bloomberg reported on Monday, citing sources familiar with the matter, that the exchange and wallet service provider are seeking a valuation of $4 billion to $6 billion and indicated that they are also willing to scale down the offering if necessary. The company submitted a draft registration document to the U.S. Securities and Exchange Commission (SEC) in May.
“Crypto Biz” is a weekly column about business news in the blockchain and cryptocurrency industry, sent directly to readers' emails every Thursday.
