Kalshi, Blockchain.com and Crypto Treasuries Show Investors Are Getting Pickier

Money is flowing into crypto companies again, yet buyers are no longer rewarding every name with a high price tag. Kalshi is said to be negotiating a roughly $1 billion raise that would value it at $40 billion, close to double its May level. Blockchain.com, by contrast, is lining up a public listing at $4 billion to $6 billion, well short of the $14 billion it reached during the previous boom.

Why Most Crypto Treasury Stocks Trade Below NAV

Research from DWF Ventures shows just four of the 20 biggest treasury companies, Bit Digital, Strive, Hyperliquid Strategies and BitMine, are priced above their holdings. When shares sit below net asset value, selling stock to buy more crypto dilutes existing owners, which weakens the model Strategy started in 2020.

Bitget Hack Losses Reach $388 Million

Bitget’s chief executive, Gracy Chen, expects little of the stolen money to come back. She pointed to Bybit’s 2025 case, where only about 3.5% of $1.5 billion was frozen. Bitget raised its loss estimate from $352 million, and blocked or frozen funds so far are small. She suspects North Korea, without proof. Withdrawals are reopening in phases.

Kalshi Backers and Blockchain.com IPO Plan

Sequoia and Wellington are reportedly in line to lead Kalshi’s round. Blockchain.com aims to raise about $500 million, though newly listed Gemini, BitGo and eToro remain far below their peaks.