Crypto Firms Raise Billions Again, But Premiums Vanish as Bitget Faces $388M Breach Fallout

Crypto companies are raising capital at a rapid pace once more, but the era of inflated valuations and easy premiums appears to be over. Prediction market Kalshi is reportedly seeking $1 billion at a $40 billion valuation, nearly double its May figure, while Blockchain.com is preparing for an IPO at a potential $6 billion valuation, well below the $14 billion it commanded during the last bull market.

The shift is even more pronounced among digital asset treasury (DAT) companies. According to a DWF Ventures report, only four of the 20 largest DATs by assets under management still trade above a market-to-NAV ratio of 1: Bit Digital, Strive, Hyperliquid Strategies, and BitMine. When shares trade below the value of their underlying crypto holdings, issuing new equity becomes dilutive, undermining the model that Michael Saylor's Strategy pioneered in 2020. Most DAT stocks have since underperformed simply holding the underlying asset.

Meanwhile, Bitget CEO Gracy Chen said she is not optimistic about recovering the $388 million lost in the exchange's recent security breach, drawing a parallel to the 2025 Bybit hack, in which only about 3.5% of roughly $1.5 billion stolen was frozen. Bitget initially reported losses of $352 million before revising the figure upward. NEAR Intents blocked more than $50 million tied to the attack and froze around $500,000, while Tether and Circle blacklisted a wallet containing $318,013 in USDT and USDC. Chen suggested North Korea may be responsible, underscoring the ongoing threat state-linked actors pose to centralized exchanges.